A poor performance from its Perry Barr track in Birmingham has contributed to a fall in profits at gambling and gaming company Wembley.
The UK Gaming Division, which included Perry Barr and Hall Green, was sold earlier this month for £49.4 million.
It achieved an operating profit of £4.4 million in 2004, around 22 per cent higher than in 2003, helped by an improved performance at Wimbledon and Belle Vue track in Manchester.
But redevelopment work contributed to a " disappointing year" at Perry Barr.
It said: "This stemmed from the redevelopment works at the track during which certain areas were closed for much of the year and temporary bar and fast food facilities were provided.
"Attendances and spend per head suffered accordingly. The newly refurbished track opened in January 2005."
Profits for Wembley as a whole dropped from £26.1 million to £20.2 million.
The company said 2005 had started well, with video lottery terminal revenue at its Lincoln Park venue in the US averaging £3 million a week.
"Underlying performance in both the US and UK gaming divisions was strong," the group said.
