Ascot Racecourse reports loss of £12.8m due to Covid

By Sam Pither

7 July 2022

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Ascot Racecourse has posted their financial reports for the 2021 financial year, reporting a pre-tax loss of £12,762,000.

Despite turnover rising by 113 per cent against 2020, to £46.9 million, this was still more than 51 per cent lower than in 2019.

Six race days in 2021 were held behind closed doors, with only limited numbers able to attend Royal Ascot and the Summer Mile meeting in July as restrictions subsided. Reduced crowd numbers means not only lower ticket sales, but a reduction in spending on amenities by attendees.

Ascot Holdings Authority, who manage the racecourse, said the financial difficulties were in line with expectations, having had no access to pandemic insurance to make up for the lower numbers of attendees.

Guy Henderson, Chief Executive Officer at Ascot Racecourse, said: “The 2021 financial year was challenging for obvious reasons and so we are particularly pleased to have got through the pandemic with reduced debt and without needing to activate the standby government CLBILS loan facility. This has provided the business with a solid platform from which to invest in re-building out of it.

“I wish to thank and pay particular tribute to all our staff and commercial partners for their loyalty and dedication throughout the pandemic. This enabled us to stage Royal Ascot 2020 as the first major national sporting event behind closed doors and, on less than a month’s notice, to deliver Royal Ascot 2021 as part of the Government’s Events Research Programme."

There was some cause to be optimistic, however, with 273,465 attending Royal Ascot 2022 and an 'encouraging' fine dining market. The racecourse also still has the option to draw on a standby loan facility of £20 million, organised with the government, which will remain available until 2023.

Guy added: “For 2022, we invested significantly in improving customer experience through reducing density, reconfiguring and redesigning the site and introducing new offerings for the first full scale Royal Meeting for three years. We welcomed a crowd of nearly 275,000 (down from the usual 300,000 as planned) and offered record prize money of £8.65m contested by world class horses from eight different nations. We look forward to the rest of year with excitement.”

By Sam Pither

Sam is the Regional Editor of Biz News, responsible for both Hampshire and Dorset.

A new recruit to journalism, Sam started writing for the Business Magazine as a freelancer in May of 2022 after completing his degree in English at University College London. His passion for local businesses and ability to tell a story soon caught the attention of the publication’s management team and have led to his meteoric rise.

Sam, who lives in central Reading, takes a particular interest in technology, gaming and food and drink, having been a chef before starting his degree.