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8 Jan 2009 07:00
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8Β January 2009
ARENA LEISURE PLC
PRE CLOSEΒ TRADINGΒ UPDATE
Arena Leisure Plc ('Arena'), the UK's largest operator of horseracing fixtures, today issues a pre-close trading update for the year ended 31 December 2008.
The Board is pleased to announce that Arena's trading since the Interim Management Statement announced on 16 October 2008 has been in line with its expectations.
As previously announcedΒ on 10Β DecemberΒ 2008,Β ArenaΒ sold the freehold interest in the caravan park and marina at Royal Windsor RacecourseΒ for a cash consideration of Β£1.75m, generatingΒ aΒ gain on sale of approximatelyΒ Β£1.7m.
As atΒ 31 December 2008,Β Arena'sΒ netΒ interest-bearing bankΒ borrowingsΒ (excluding non-interest-bearing Levy Board loans of approximately Β£6.6m)Β amounted toΒ approximatelyΒ Β£38.2m,Β wellΒ withinΒ itsΒ total available bank facilities of Β£61.0m.Β TheΒ interestΒ rate risk on Β£22.0m ofΒ thisΒ debtΒ hasΒ been hedgedΒ through a mixture of cap and swap contracts. As a result ofΒ the significant reduction in marketΒ interest rates in theΒ latter part ofΒ 2008, theΒ reductionΒ in theΒ market valuationΒ of these instrumentsΒ overΒ the year is estimated atΒ Β£1.5m. ThisΒ will be reported as a non-cash charge in theΒ incomeΒ statement for theΒ 2008Β year.
Arena expectsΒ to announce its 2008 full year resultsΒ on 19Β March 2009.
For further information please contact:
Arena Leisure Plc Tel:Β 020 7632 2080
Mark Elliott, Chief Executive
Tony Harris, Finance Director
e-mail: contact@arenaleisureplc.com
BellΒ Pottinger Corporate & Financial Tel:Β 020 7861 3232Β
David RydellΒ
Olly Scott
www.arenaleisureplc.com
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