Newbury sees light at end of tunnel as losses narrow in first half of 2021

Officials at Newbury hope they have "finally turned a corner" following the damage caused by the Covid-19 pandemic as the course revealed its losses have narrowed in its latest set of financial results.

However, chairman Dominic Burke reiterated the impact of the losses stemming from the lack of paying customers at the course had been substantial.

Turnover at Newbury increased by 72 per cent to £5.37 million in the first half of the year, while overall operating losses were reduced to £0.38m from £1.64m in 2020.

Total media-related revenues of £2.12m were up 120 per cent on the same period last year, "as a direct consequence of the higher number of racedays being hosted".

In July, Newbury announced it would be switching from Racing TV to Sky Sports Racing in 2024 as part of a five-year deal in which its retail, online media and data rights will be distributed by The Racing Partnership, a move Newbury said would "influence our ability to improve the financial performance of the company".

Burke said: "Following the challenges that 2020 presented for both the horseracing industry and our business it is pleasing to see that in 2021 we may finally have turned a corner."

The course hosted 12 racedays in the first six months of 2021, ten of which were behind closed doors. That compared to six staged during the same period in 2020, of which three were not open to racegoers.

Burke said: "While we were able to generate income during the behind closed doors meetings through our media and betting rights agreements, we lost the significant benefit of being able to generate key revenues through catering and hospitality but this will now be possible."

However, he added: "The board remains fully aware the effects of the pandemic and its potential impact could remain with us for some while to come, so we are prepared for this and have proved we can adapt the business accordingly.

"The impact of the financial operating losses from 2020 and the first half of 2021 remain substantial."

Burke also paid tribute to Christopher Spence, the former Jockey Club senior steward and chairman of Newbury who died this week.

He said: "Christopher was a special man and great friend to many at Newbury and within the horseracing industry. He will be sadly missed. Our thoughts go out to everyone who knew him and to his family at this difficult time."

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