Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Racing Board Delivering Promised Growth

16th August 2006

Racing Board Delivering Promised Growth

“The New Zealand Racing Board has recorded a further lift in operating performance for the 2005/06 year, and is meeting the industry growth targets set out at its inception three years ago,” said Chairman Warren Larsen.

Mr Larsen announced today, that the Board had recorded an unaudited operating surplus in excess of $85 million for the year. That represents 9% growth over the last two seasons. The outcome is $4 million above committed funding and the Board has resolved to distribute that additional surplus to the three Racing Codes.

“In 2003, we stated that to turn the industry around, a combined industry effort to deliver $100 million annually was necessary. We believed the Board could deliver $10-15 million of that amount with the industry itself contributing a further $10-20 million. I am pleased to announce the Board is now delivering above its $10 million target level after just three years,” said Mr Larsen.

This pleasing result for the year is obviously prior to the benefit of announced taxation changes, and with this funding injection the industry now has a robust financial platform to further encourage participation in racing and to contribute more strongly to national economic growth.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>

ALSO:

Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>

ALSO:

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news