Track-based gaming company, Wembley, has issued interim results to 30 June showing a 124.5 per cent jump in pre tax profits to £18.50m. It also reported an 11 per cent increase in average weekly VLT drop and earnings per share up nearly 170 per cent.

However, operating profit at the company – which operates in both the UK and Rhode Island and Colorado in the US – fell by 10 per cent to £18.02m. The figure was adversely affected by the strength of sterling against the US dollar and also legal costs of about £0.6m incurred in connection with a grand jury investigation into allegations over potentially illegal payments at its Lincoln Park business.

The group’s half year has seen a successful application being made for a further 1,300 video lottery terminals (VLTs) at Lincoln Park, the acquisition of the Perry Barr greyhound track in Birmingham, UK, for £4.2m and an initiative in Colorado which could – if approved –greatly benefit the company. This proposes the expansion of the state lottery in order to benefit tourism promotion, parks and recreation through the authorisation of VLTs at the state’s casinos and racetracks. Wembley owns four of the five racetracks in Colorado.

Looking ahead, the company sees developments at both Lincoln Park and in Colorado as "providing an opportunity for Wembley to return to its historic high rates of growth". However, commenting on the Lincoln Park investigation, Wembley said: "There remains a significant possibility of claims or charges being brought, which could have material consequences for the group." Details: www.wembleyplc.com