Newbury Racecourse reveals financial highlights in interim report

Published by

Tom Kilkelly

Tohaklim, CC BY-SA 4.0 , via Wikimedia Commons

Berkshire's Newbury Racecourse plc, the racing, entertainment and events business, has posted reports of both growth and loss in its interim update for the six months ended June 2023.

The firm reported that statutory turnover increased by 3 per cent to £8.03 million (six months ended 30 June 2022: £7.81 million). With this being said operating loss before interest, tax and exceptional items was posted at £0.65 million, at the same time last year the firm posted a profit of £0.14 million.

Newbury Racecourse has attributed this to the impact of inflation, utilities, business rates and additional prize money investment all contributing to an increased cost base.

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Other operational highlights included eleven of the Company's fixtures being allocated BHA Premier status for 2024 and a new irrigation ring main being completed as part of the firm's work towards enhanced irrigation capability.

Dominic Burke, Chairman of Newbury Racecourse plc said: "Trading for the first half of 2023 was as expected, despite raceday attendances falling below 2022 levels at the half-year.

''Compared with last year, our revenues have been stronger but rising costs and our commitment to prize money increases have had an impact on our profitability as anticipated.

''We have also made good progress on our strategic investments, improving the experience for our racegoers, increasing the capacity of our very successful day care nursery and improving our irrigation infrastructure."

"With the headwinds facing the racing industry the remainder of the year will be challenging but we remain even more confident in the long-term prospects of the Company, given the full effect of the new media rights agreement from 1 January next year, along with the being able to host eleven BHA Premier fixtures during 2024."

Tom Kilkelly

Tom Kilkelly started working as a freelance journalist for The Business Magazine following his graduation from UCL in 2022. During his studies Tom became very interested in the works of Irish authors including Samuel Beckett and Flann O'Brien (Brian O'Nolan). His current role as a freelance business reporter is his first exposure to the world of business journalism. Working at TBM has given Tom the chance to really get to grips with the goings-on in the business hive that is the South East.