ARE.L Share News (ARE)

Shares in Arena Leisure rose after the racecourse operator said trading in the period from 1 January to 18 May has been in line with expectations and at a similar level to the same period in 2008.Arena hosted 142 fixtures (2008: 152) including 15 additional unscheduled fixtures during the four months to 30 April. Seven race meetings were abandoned due to weather conditions. Total attendance at the group's racecourses in the four months period was 131,000 (2008: 133,000), while the average attendance was 5% ahead at 920 (2008: 873). The corporate and private hospitality business, however, is around 15% below 2008 levels. Arena said forward booking patterns for the Summer season and the St Leger festival in September so far indicate much shorter lead times and reduced levels of interest compared to last year. "With trading in the period having been in line with both expectations and the same period in 2008, we anticipate this pattern continuing, despite some uncertainty over the outlook for the hospitality business through the important Summer period," said the group."Arena's performance in the period demonstrates the group's excellent operational experience as well as proving that the fundamentals of the business remain sound in these difficult market conditions," it added.