11 June
2024
NEWBURY
RACECOURSE PLC
("Newbury
Racecourse" or the "Company")
AGM
statement
At the Annual General Meeting to be
held today at 12 noon at Newbury Racecourse, the Company's
Chairman, Dominic Burke, will make the following
statement:
"As stated in the Company's latest Annual Report, 2023 was a
year of revenue growth set against the challenges of cost inflation
and the Company's commitment to increasing prize money. Revenue
grew by 9%, although we were able to host only 28 fixtures,
compared with 30 in 2022, due to adverse weather abandonments. The
Nursery extension opened in August 2023 with the facility
increasing turnover by 12% given the benefit of the additional
room. Our on-site accommodation, The Lodge Hotel grew revenue by
16%.
"The 2023 racing programme was partly interrupted by the three
abandonments but despite this, over 130,000 racegoers were welcomed
to the racecourse for our 28 fixtures. We continued to demonstrate
our support to the industry by making further significant
investment into prize money, with a 13% increase to over £5.8m as
we also increased our contribution to prize money by 14% to over
£2.8m. Earlier this year we announced further increases to this
contribution for 2024.
"Reported consolidated profit before tax was £0.72m, including
an exceptional profit of £0.7m as the result of the release of a
traffic provision relating to the property development at the
racecourse.
"Once again, we played host to some top-class racing during
the year, enhancing our ability to attract the very best horses
across both codes and providing our racegoers with some outstanding
performances on the track. Highlights early in 2023 included wins
in the Betfair Hurdle for Aucunrisque and for Zanza in the Betfair
Denman Chase.
"The start of the 2023 flat season was held in late April,
with Remarquee, Grand Alliance and Isaac Shelby winning the main
races at the Dubai Duty Free Spring Trials. In May the Al Shaqab
Lockinge Stakes was won by Modern Games against a very strong
field. The Lockinge Stakes Day represented our first opportunity to
enter into the World Pool, which is the collaboration between
global totes and the Hong Kong Jockey Club, for the two key races
that day.
"The first Party in the Paddock event took place after the
Weatherby's Super Sprint meeting, with a crowd of almost 19,000
enjoying the return of Tom Jones who performed after an excellent
day's racing, which saw Relief Rally win the Super Sprint and
Commanche Falls win the Bet365 Hackwood Stakes. Our second Party in
the Paddock in August 2024 saw Olly Murs perform at the BetVictor
Hungerford meeting where Witch Hunter was victorious in the day's
feature race.
"Rounding off 2023, Datsalrightgino delighted crowds by
winning the Coral Gold Cup in December. Coral also sponsored the
2023 running of the Grade 1 Challow Novices Hurdle won by Captain
Teague.
"Our commitment to improving the facilities at the racecourse
continued in 2023 with a joint £1.6m investment, with our catering
operator Levy Restaurants, in the Hennessy Restaurant, alongside
other infrastructure improvements to the Hampshire Stand. This
investment has been made despite a very challenging racing
environment both at Newbury and throughout the rest of the UK, but
we believe in the importance of providing high quality facilities
for all of our racegoers. We also invested approx. £0.5m in an
upgraded irrigation system and purchased the lake on adjoining land
alongside the start of the mile straight, as part of a future
planned scheme for the supply of water. Outside of the racecourse
itself, we have increased the capacity in our Children's Nursery by
investing £1.1m in an extension to improve the facilities provided
by this important activity.
"In light of significant continued investment in facilities
and prize money, the board have decided that no dividend is being
proposed in respect of the year ended 31 December
2023.
"At the end of last year we were pleased to announce the
appointment of Shaun Hinds as the Company's new Chief Executive
succeeding Julian Thick after ten years' service. Shaun has over 25
years of experience in the events, hospitality and travel sectors
and joined the business on 3rd June 2024, so I'm pleased
that he is with us here today. On behalf of the board, I would like
to thank Julian for his significant contribution to the business
since arriving in 2013. Julian led Newbury with real purpose
and helped the racecourse navigate the considerable challenges of
the infrastructure redevelopment programme and the impact of
COVID. Under his direction we have built a world class racing
facility and he leaves the racecourse in good financial health. We
welcome Shaun and wish Julian well in the future.
"Finally, it is with much sadness that I announce the
retirement from the board today of Erik Penser and Jim McGrath.
Both Erik and Jim have given hugely valuable service to Newbury
Racecourse. Erik has served as a director for 26 years and Jim for
9 years so, on behalf of the board, I would like to thank them for
their commitment to Newbury and wish them both all the very best.
We look forward to welcoming them back to the racecourse in the
future."
For further information please
contact:
Newbury Racecourse plc
Tel: 01635 40015
Shaun Hinds, Chief
Executive
Mark Leigh, Finance
Director
Allenby Capital Limited
Tel: 0203 328 5656
Nick Naylor / Liz Kirchner
(Corporate
Finance)
Hudson Sandler
Tel: 0207 796 4133
Charlie Jack