Racecourse owner sets record pace

The Jockey Club, which runs Warwick racecourse, has announced a record set of financial results, including its largest-ever contribution to British horseracing’s prize money and a ninth successive year of revenue growth.

The Club, which organises events such as The Cheltenham Festival, welcomed four million people to its venues nationwide in 2017, staging 334 racing fixtures and thousands of other events and leisure activities.

The Jockey Club grew its revenues to over £200m for the first time (2017: £201.1m, up 5.2% on 2016: £191.5m). This was driven by increased revenues in the areas of general admissions, media, hospitality and commercial partnerships.

As a result, the group generated its largest-ever operating profit before prize money of £44.8m, up from the previous year’s £43.4m. This allowed The Jockey Club to increase the amount it contributes to British Racing’s prize money from its own resources by £2.1m – a year-on-year increase of 10.1% – to a record £22.9m in 2017 (2016: £20.8m). This meant a record total prize money at its 15 racecourses of £45.7m over the year (2016: £43.6m).

By increasing prize money ahead of budgeted commercial growth and deciding to make a series of operating investments to enhance customer facilities, the group chose to reduced its operating profit after prize money slightly year-on-year to £21.9m (2016: £22.6m) – its joint second-largest amount ever. After all deductions, including depreciation, interest, tax and amortisation, net profit after share of associates was £9.1m in 2017 (2016: £10.8m).

Simon Bazalgette, group chief executive of The Jockey Club, said: “I’m very pleased we were able to make a record financial contribution to British Racing in 2017 as a result of achieving a ninth successive year of commercial growth.

“Looking ahead, we are increasing prize money further in 2018 and we are continuing to invest in the experience we offer to customers and participants, whether that’s recently completing Europe’s largest installation of free public Wi-Fi, further enhancing facilities for racehorse owners and trainers or launching the new Britbet betting service for our racing customers this summer.

“We’re working hard to build The Jockey Club brand to create more value to benefit British Racing, including through the record partnership revenues we’re now achieving, and we’re now making some good strides in terms of our efforts to engage more people across the country in our sport, which is vital for the future.”

The Jockey Club runs 15 courses throughout the UK.

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