Revenue and profits rise at Newbury despite 'very challenging' environment

Revenue and profits rose at Newbury in 2024 according to the racecourse's annual results published on Friday.

Chairman Dominic Burke said the 16 per cent increase in revenue to £22.04 million demonstrated "the success of several initiatives across many areas of the business".

Newbury's new media rights agreement with Arena Racing Company and Sky Sports Racing came into full effect at the start of 2024 and the racecourse reported that total media-related revenues during the year, including World Pool income, came to £8m. 

The figure accounted for 36 per cent of total trading revenue compared with 30 per cent in 2023.  

There was an 18.1 per cent rise in total prize-money to £6.87m at Newbury last year, helped by a 22 per cent increase in the course's executive contribution to £3.45m.

That additional prize-money investment, along with the impact of inflation, the national minimum wage and the increased cost of utilities contributed to a 10.6 per cent increase in Newbury's cost base.

However, Newbury, which also runs hotel, children's nursery and conference and events businesses, made a profit before tax of £1.1m compared to £720,000 in 2023.

Burke said: "The 2024 financial year was the first full year of our new media rights agreement. As anticipated, we have benefited by the positive financial impact of the additional capacity in the children's nursery, as well as the performance of our conference and events business, as we continue to seek opportunities to diversify our revenue streams."

Burke said Newbury's commitment to prize-money and investment into racing had been made "despite a very challenging cost inflation environment".

He added: "The company continues to invest in racecourse facilities to ensure that we provide high quality facilities for all of our visitors, event delegates, racegoers and racecourse attendees, as we continually strive to invest for the future benefit of the business.

"Our sincere thanks, as ever, to all sponsors, partners, owners, trainers, stable staff, members, racegoers and all customers for their ongoing support."

Newbury's board is also set to welcome former Ascot chief commercial officer Juliet Slot as a non-executive director at this year's annual meeting.

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