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Solid Six Months Performance For Racing Board

Solid Six Months Performance For Racing Board

Initiatives such as the NZ Still Destination Summer Holiday Racing programme have contributed to a solid first half annual financial performance for the 2005/06 season, says the New Zealand Racing Board.

The industry experienced turnover growth of approximately four percent in this reporting period. This came from increasing interest on Sports and Fixed Odds Racing wagering as well as modest Totalisator growth, says NZ Racing Board Chairman Warren Larsen.

Total domestic growth is similar to the previous season, he says, with timing changes as a result of the rescheduling of the Auckland Cup yet to be realised.

“Total expenses are in line with that expected at this stage of the season. The board had anticipated increased costs over the previous season through improved services such as the introduction of Trackside Radio,” Mr Larsen says.

Pre-distribution earnings are in line with the same period last season, however Mr Larsen says the board is targeting a full season performance greater than the 2004/2005 season.

Mr Larsen says key industry initiatives are also progressing well. In particular, the NZ Still Destination Summer Holiday racing programme was an excellent example of the industry working together to offer a consistent entertainment package on course.

Other undertakings included the support to racing clubs for provision of big screens at 32 on-course events, and a thoroughbred maiden starter incentive which was paid to 6,689 starters.

“We have been working closely with the codes on an important initiative known as the Industry Transparency Project. This is a significant financial and cost information sharing exercise, driving a greater understanding of the wider industry cost infrastructure which will be valuable in forming future planning by the board and the codes,” Mr Larsen says.

The NZRB unaudited interim 2005/2006 total operating revenue is $102.4 million compared with $99.3m for the corresponding period last year. The unaudited interim net return before industry expenditure and retentions for 2005/2006 is $47.1m compared with a corresponding 2004/2005 figure of $46.9m.

The complete Half Year Report is on the TAB website, http://www.tab.co.nz/.

Ends

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