Racecourse reports a reduced half-year loss

NEWBURY Racecourse has had a positive start to the year, despite making a loss of £135,000 in the first six months.

Its half-year results were published last week, and show a general trend of improvement in the first half of 2018, compared with the same period last year.

It recorded a loss of £135,000, which is better than last year’s deficit of £401,000.

Despite attendances declining 13 per cent owing to two lost race days, general turnover was up by 4.6 per cent at £7.33m.

There was a seven-per-cent improvement on 2017’s operating performance, with a loss in the first part of 2018 of £270,000 on ordinary activities.

After tax, this loss was £140,000, compared with last year’s £400,000.

The Rocking Horse Nursery has seen a 16-per-cent growth with an occupancy increase of six per cent.

The nursery’s gross profit in the first half of 2018 was £280,000.

The 36-bedroom hotel The Lodge has seen a 14-per-cent growth in revenue.

Sales of properties bought in £1.39m between January and June.

Nine hundred of the intended 1,480 homes have now been built on the site.

Racecourse chairman Dominic Burke said: “In the first six months of 2018 we have grown the top line of the business by more than four per cent, despite the loss of two race days to the weather in March, with good growth in our media revenues, nursery business and The Lodge hotel.

“While trading conditions for conference and events continue to be challenging during our development, confirmed business for the full year is currently 25 per cent ahead of the same point in 2017.

“We remain confident in the delivery of a positive financial outturn for the remainder of 2018.”