Companies: ARE   

Racecourse operator Arena is on track to return its first profits for the full year since 2000, according to Roger Withers, the company's chairman. Having written off the original attheraces media joint venture last year, causing pre-tax losses of £42.2m, the racecourse division, which consists of six UK race courses has continued to put in a strong performance. Arena has also announced that it has been nominated as the preferred bidder for a joint venture partnership with Doncaster Metropolitan Borough Council to develop Doncaster Racecourse. The final terms and conditions should be completed this autumn. With the termination of the first attheraces in March, the company is actively pursuing the rebate of £50 million it is due. It has also joined up with BSkyB to create a new attheraces joint venture that began on 11 June with 25 UK race courses signed up. The planned upgrade of the Wolverhampton race course to create a 'racino' (a casino, hotel and racecourse complex) has been delayed as the Government is conducting a local public enquiry concerning the site, which is in a greenbelt area. Arena are hoping the review will be determined by the end of the year. With the British Horseracing Board and the Office of Fair Trading reaching a provisional agreement over the reform of British horse racing, allowing more fixtures, Arena stands in a good position to benefit from further commercial opportunities. Continue to hold.