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

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news