Business
Interim Results
Interim Results.
About this update from Newbury Racecourse Plc
[{"type":"text","content":"\n\n\n \n21 September 2023\n \nNEWBURY RACECOURSE PLC\n(the \"Racecourse\" or the \"Company\")\n \nInterim results for the 6 months ended 30 June 2023\n \nNewbury Racecourse plc, the racing, entertainment and events business, today announces its half year results for the six months ended 30 June 2023.\n \n2023 Business update and outlook\n \n· Statutory turnover increased by 3% to £8.03m (6 months ended 30 June 2022: £7.81m).\n· Operating loss before interest, tax and exceptional items of £0.65m (6 months ended 30 June 2022: operating profit of £0.14m).\n· Consolidated group loss on ordinary activities before tax of £0.57m (6 months ended 30 June 2022: profit of £0.22m). \n· Declared raceday attendances to 30 June 2023 of 43,015 (2022: 55,133), down 19%. Thirteen meetings compared to fourteen in 2022, with one abandoned in January 2023 due to weather.\n· Following two successful Party in the Paddock events and some strong summer attendances, declared attendances to the end of August are 92,725 (2022: 93,190) on a comparable fixture basis.\n· The impact of inflation, utilities, business rates and additional prize money investment all contributing to an increased cost base.\n· New Media Rights Agreement effective for retail shops from 1 April 2023, with full rights uplift to include digital streaming from 1 January 2024.\n· Prize money paid during the 6 months ended 30 June 2023 increased by £0.45m (23% increase on prior year), which includes a small contribution from World Pool for two races on Lockinge Day. Discussions continue regarding additional World Pool races in 2024.\n· £1.5m investment into Hampshire Stand first floor facilities and the Hennessy Restaurant, equally with Levy Restaurants (the Company's catering partner which is part of the Compass Group).\n· The £1.1m Nursery extension successfully opened in August 2023, increasing capacity by 22%.\n· Eleven of the Company's fixtures have successfully been allocated BHA Premier status for 2024.\n· &nbs...