Following Stanley Leisure’s disappointing end of year results, the company has said the new financial year has started well, but warned that in casinos, things can change very quickly.

Results announced in July showed that although turnover grew by 67 per cent thanks to an 80 per cent increase in turnover at the group’s betting shops, final profits were hit by its flagship casino, Crockfords, seeing its individual profit fall to £1.6m from £15.9m due to a number of big winners.

Speaking at the group’s recent AGM, Stanley’s chair, Lord Steinberg, said that the London casinos have experienced a significant improvement recently, but, referring to Crockfords’ performance in 2003, warned that a “good start to the year is not necessarily a guide to the year as a whole”.

The group’s betting division is also said to have made a satisfactory start to the year, with profits from Fixed Odds Betting Terminals continuing to grow and offsetting reduced margins in the traditional retail betting business, which has experienced less favourable horseracing results than last year.