Bumper year for Newbury Racecourse
Company announces increased turnover and attendance in its preliminary results for 2014.
TURNOVER, profit, attendance and the number of occupied homes at Newbury Racecourse have all increased in the last year.
In its preliminary results for 2014 the Racecourse recorded a full year profit after tax of £2m; up from £1.1m in 2013.
Trading business turnover increased by seven per cent (0.8m) to £12.4m - up from £11.6m in 2013 - with racing revenues up by around nine per cent.
Trading business profit before tax came out of the red from the loss of 0.7m last year, rising to 0.05m in 2014.
Overall raceday attendances increased by six per cent to 196,000, with more than 30,000 attending the Hennessy Festival - a seven per cent increase on last year.
The racecourse said it was pleased with the outcome of the two Party in the Paddock events, which saw the Beach Boys and international DJs Pete Tong and Annie Mac entertain crowds in excess of 15,000 people.
The company said that the events produced improved financial returns compared to the 2013 parties featuring Meatloaf and Rita Ora.
More than 170 homes of the 1,500 being built on the site are now occupied and the construction of the new nursery, hostel, estates yard, improved public car parking and a new bridge from Hambridge Road are underway.
The Racecourse received an additional £3.29m of payments from developer David Wilson Homes in 2014.
The Racecourse has admitted that the redevelopment has caused operation challenges, with customers continuing to experience "some inconveniences" on busier days.
The Rocking Horse nursery experienced another difficult trading year, which the Racecourse attributes to increased competition and aging facilities. Turnover decreased by seven per cent (0.05m) in 2013 and operating profits were down 13 per cent.
A new nursery facility on the site is expected to be completed in summer 2015 and the company said it was confident that the new state of the art facility would help to grow the business.
Chairman of Newbury Racecourse, Dominic Burke said: “2014 was a year of positive growth and improved underlying financial performance for Newbury Racecourse. David Wilson Homes continued to advance the residential property development and the refurbishment of our facilities. We also invested in the quality and experience of our management team as well as the rebranding of our business.
"Our strategy of developing the Racecourse as a profitable leisure, entertainment and events business with racing at its core has progressed, as we saw increased raceday attendances demonstrating the quality and appeal of our racing. We are confident that the delivery of the enhanced racecourse will enable us to create a profitable business which rewards shareholders in the long term.”