TurfTrax publishes £4.8m loss
THE true plight of the beleaguered horserace tracking technology company TurfTrax, which also supplies the sport with the GoingStick, became apparent on Monday, when the AIM-quoted published an operating loss of almost £4.8 million for the year ended March 31.
Failure to find buyers for its major services forced TurfTrax to sell one subsidiary, Ground Management Services Ltd, to management for £300,000, and to put another, Racing Data Ltd, into administration in July.
Write-downs associated with these divisions were reflected in the group income statement published on Monday.
The figures revealed a gross loss of £2.55m for the last financial year, against a similar deficit of £2.68m for the previous year, while a one-off charge of £1.58m on the review of goodwill pushed the year's administrative expenses to £3.07m, against the previous year's £1.4m.
The result was a pre-tax loss of £4.8m, compared with a similar deficit of £3.13m for the previous year.
Read more in Tuesday's Racing Post