Land sale helps Newbury to £19m profit in 2016
Newbury has posted exceptional profits of £19.23 million for 2016, courtesy of the sale of the final tranche of land for development at the site to David Wilson Homes.
Underlying trading profit rose eight per cent to £0.74m, while trading business turnover was up four per cent to £16.91m, according to the course's preliminary results for 2016 released on Tuesday.
That was despite the loss of three meetings at the start of the year due to bad weather.
Chairman Dominic Burke said: "We are 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."
Media revenues increased by around £300,000 (nine per cent) to £3.39m last year, representing 20 per cent of the group’s overall turnover and "reflecting the continued growth in streaming and overseas activities of Racecourse Media Group," according to chief executive Julian Thick's strategic report.
Thick said he would update shareholders on progress on the pool betting project being put together by more than 50 of Britain's racecourses.
"The collective have structured a business that will enable racecourses to take control of the betting landscape on their racecourses, provide a heightened level of service and innovation to racegoers, and to share in the long-term strategic benefits that will flow from British racecourses controlling a pool on their racing," the report said.
Burke said a new owners' and trainers' facility and entrances would be completed this summer.
He added: "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."