Gamblers help Stanley shares forward charge

Gamblers on a losing streak helped bookmaker and casino operator Stanley Leisure come up trumps on the London market today.

Shares rose almost 3% as the Liverpool-based firm said it had been assisted by favourable results on the tables of its three London casinos.

The upturn contributed to a first-half trading performance which is expected to “fully meet” the expectations of the company.

In a trading statement for the period to October 27, Stanley Leisure said the fortunes of both its gaming and betting divisions had improved.

The company now has more than 600 betting shops and 40 casinos after it added five sites in July through a £44.3m (€69.5m) swoop for the Tower Casino group.

While the existing estate is performing well, Stanley Leisure added that the newcomers to the portfolio were also meeting targets.

Tower’s casinos are The Reading Sporting Club, the Castle Casino in Blackpool, Carlton Casino in Derby and Birmingham’s Midland Wheel and China Palace.

Despite the progress, Stanley Leisure said its three London sites - Crockfords, The Colony and The Mint – had starred during the period.

It added: “The strongest performance has been in the London casinos, where house win has been particularly favourable.”

Race conditions have also been helpful to the betting division, which ended the half-year period “satisfactorily”.

New betting laws allowing bookies to pay tax from their own turnover have already boosted the division as pre-tax profits at the betting arm rose 21% in the last financial year.

Figures published in July for the whole group showed annual profits jumped 43% to £35.8m (€56m).

Shares were up 11p at 398.5p today.