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

 

Research: ‘Ageing Well’ Science Challenge Launched

Science and Innovation Minister Steven Joyce today launched the Ageing Well National Science Challenge, confirming initial funding of $14.6 million. More>>

ALSO:

Scoop Business: Govt Resisting Pressure To Pump More Cash Into Solid Energy

Prime Minister John Key says it is “not the government’s preferred option” to make a fresh capital injection into the troubled state-owned coal miner, Solid Energy, but dodged journalists’ questions at his weekly press conference on whether that might prove necessary... More>>

ALSO:

Lagest Ever Privacy Breach Award: NZCU Baywide Accepts “Severe” Censure In Cake Case

NZCU Baywide says that once it was found to have committed a breach of a former staff member’s privacy, it had attempted to resolve the matter... the censure and remedies for its actions taken almost three years ago are “severe” but accepted, and will hopefully draw a line under the matter. More>>

ALSO:

Scoop Business: PayPal Stops Processing Mega Payments; NZX Listing Still On

PayPal has ceased processing payments for Mega, the file storage and encryption firm looking to join the New Zealand stock market via a reverse listing of TRS Investments, amid claims it is not a legitimate cloud storage service. More>>

ALSO:

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Crown Accounts: NZ Government Deficit Smaller Than Expected In First Half

The New Zealand government's operating deficit was smaller than expected in the first six months of the financial year, as the consumption and corporate tax take rose ahead of forecast in December, having lagged estimates in previous months. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news