Ultimate Leisure closed down 38.5p at 243.5p on Friday after it warned that delays in opening four venues and an "increasingly competitive" trading climate meant it would not reach its expected full-year profit. Its warning came as a shock because it has performed particularly well over the past two years and tends to be resilient to heavy competition and discounting in the sector. Financial Times (Money & Business) 30/04/05 page 3 The Times 30/04/05 page 65 (Smaller Capitalisation Shares)

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