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

 

R18: The Warehouse Group Praised For Removing Games

The decision by New Zealand’s largest retailer The Warehouse Group (TW Group), to withdraw stocks of the latest version of Grand Theft Auto V (GTA V) and other R18 games, has been praised by advocacy group Stop Demand Foundation. More>>

ALSO:

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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