Stanley Leisure ahead by 10%

STANLEY Leisure, the bookmaker and casino operator, recorded a 10 per cent increase in taxable profits for the year to 3 May.

Pre-tax profits were pounds 7.8m against pounds 7.1m, but most of the advance was in casinos, where Stanley was able to shift the ratio of winners to losers.

Trading profits from the 17 casinos were pounds 5.9m, up from pounds 5.2m. The betting shops, on a much lower profit margin, produced pounds 6.2m up from pounds 6.1m.

Leonard Steinberg, chairman, said the profits were 'acceptable in difficult trading conditions' but gave no indication that times were getting any easier. He said that hopes expressed this time last year, that turnover would be boosted by relaxation of licencing laws to allow Sunday and evening betting, were still unfulfilled and would remain so for the immediate future.

The average spend at one of Stanley's casinos was unchanged on last year at about pounds 90, and the average bet was pounds 3.40.

Mr Steinberg said that profitability had been improved by cutting costs too, but the group had been careful not to let customer service suffer. 'We do not want to save a penny in costs if it loses us a pound in business,' he said.

Stanley sold its printing divsion during the year but still has a small snooker operation. Mr Steinberg said the snooker business would be sold.

Earnings per share rose 7 per cent to 15.4p, and the divdend increased in line to 5.2p. The shares closed up 2p at 224p.

Stanley is also proposing a 1-for- 4 bonus issue.