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

 


NZ Racing Board lifts profit forecast

MEDIA RELEASE
January 22, 2013
NZ Racing Board lifts profit forecast

The New Zealand Racing Board has increased profit distribution targets for the coming three financial years by $6 million, forecasting a total return of $412 million to the country’s racing industry to July 31, 2015.

The $6 million increase was signalled in this month’s reforecast of earnings projections previously outlined in the NZ Racing Board’s 2012-15 Statement of Intent.

An additional $1 million in profit for distribution to the three Racing Codes – NZ Thoroughbred Racing, Harness Racing NZ and Greyhound Racing NZ – has been forecast in 2012/13, to $135 million from $134 million. In 2013/14 distribution has been forecast to increase an additional $2 million (to $137 million from $135 million) with an additional $3 million forecast in 2014/15 (to $140 million from $137 million). Distributions do not include net proceeds from the NZ Racing Board’s Class 4 gaming activity.

Chairman Alan Jackson said the NZ Racing Board – operator of the TAB – had purposely set challenging targets.

“Trading conditions broadly remain uncertain but there is confidence that our forecasts, while ambitious, are very achievable and are a significant step toward delivering sustainable growth in earnings for the racing industry.”

Dr Jackson said top priorities included continuing development of short, medium and long-term strategies for the NZ Racing Board and the racing industry in close consultation with stakeholders.

“Chief Executive Chris Bayliss is leading significant change and efficiencies within the business to establish trajectory and momentum to deliver sustained, long-term returns.

“Allied closely to this is the ongoing development of a clear, cohesive strategic plan for the racing industry where stakeholders are engaged and participating with an understanding of the challenges, as well as respective roles and responsibilities.”

NZ RACING BOARD DISTRIBUTION REFORECAST

2012-15 Statement of Intent2012/132013/142014/15
Previous$134 million$135 million$137 million
Reforecast$135 million$137 million$140 million

* All figures are NOT inclusive of net proceeds from NZRB Class 4 gaming activity

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Tourism: China Southern Airlines To Fly To Christchurch

China Southern Airlines, in partnership with Christchurch Airport and the South Island tourism industry, has announced today it will begin flying directly between Guangzhou, Mainland China and the South Island. More>>

ALSO:

Dodgy: Truck Shops Come Under Scrutiny

Mobile traders, or truck shops, target poorer communities, particularly in Auckland, with non-compliant contracts, steep prices and often lower-quality goods than can be bought at ordinary shops, a Commerce Commission investigation has found. More>>

ALSO:

Auckland Transport: Government, Council Agree On Funding Approach

The government and Auckland Council have reached a detente over transport funding, establishing a one-year, collaborative timetable for decisions on funding for the city's transport infrastructure growth in the next 30 years after the government refused to fund the $2 billion of short and medium-term plans outlined in Auckland's draft Unitary Plan. More>>

ALSO:

Bullish On China Shock: Slumping Equities, Commodities May Continue, But Not A GFC

The biggest selloff in stock markets in at least four years, slumping commodity prices and a surge in Wall Street's fear gauge don't mean the world economy is heading for another global financial crisis, fund managers say. More>>

ALSO:

Real Estate: Investors Driving Up Auckland Housing Risk - RBNZ

The growing presence of investors in Auckland's property market is increasing the risks, and is likely to both amplify the housing cycle and worsen the potential damage from a downturn both to the financial system and the broader economy, said Reserve Bank deputy governor Grant Spencer. More>>

ALSO:

Annual Record: Overseas Visitors Hit 3 Million Milestone

Visitor arrivals to New Zealand surpassed 3 million for the first time in the July 2015 year, Statistics New Zealand said today. The record-breaking 3,002,982 visitors this year was 7 percent higher than the July 2014 year. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news