Racecourse posts profits of £19m

Trading turnover up; results boosted by sale of land

NEWBURY Racecourse Plc has posted profits of £19.23m for 2016.

The exceptional figure was boosted by the sale of the final tranche of land for development at the site to David Wilson Homes.

Trading business turnover was up four per cent to £16.91m, while underlying trading profit rose eight per cent to £0.74m.

The racecourse also reported a nine-per-cent growth in media revenues in the year, as well as a 41 per cent growth in Rocking Horse Nursery revenues.

The nursery’s occupancy levels rose by six per cent.

The report also takes into account the new five-year sponsorship deal in place with Ladbrokes from 2017 and three successful Party in The Paddock events with Simply Red, Will Young and Mark Ronson – with overall attendances of more than 42,000 for the three shows.

The figures also take into consideration the loss of three meetings owing to bad weather.

Chairman Dominic Burke said: “We’re pleased to be able to report a positive set of results for 2016 that reflect continued growth and progress, having seen improvements in trading performance across a number of areas of the business, with an eight-per-cent overall improvement in the underlying trading profits before exceptionals.

“Having completed the sale of the final tranche of land to David Wilson Homes in April 2016, we continue to be pleased with progress made on the residential development and the sale of homes on the site to date.”

He added: “Our own redevelopment is well under way and the recently-completed pre-parade ring and saddling boxes have been very well received.

“We look forward to the completion of the new owners and trainers facility and entrances this summer and the commencement of the second phase of works.

“We are grateful for the continued support and patronage of all our customers, horsemen and sponsors during this exciting transformation and remain confident in the delivery of the long term business objectives.”

In his chairman’s statement, Mr Burke said: “Demand for new homes on the site remains high and sales are in line with our expectations.”