Newbury Racecourse - Half-year Report
Announcement provided by
Newbury Racecourse plc · NYR12/09/2025 07:00
12 September 2025
("Newbury Racecourse" or the "Company")
Interim results for the 6 months ended 30 June 2025
Newbury Racecourse plc, the racing, entertainment and events business, today announces its unaudited results for the six months ended 30 June 2025.
HY 2025 business update and outlook
· Statutory turnover increased by 4% to
· Consolidated group loss on ordinary activities before tax of
· Declared raceday attendances to 30 June 2025 of 53,569 (6 months ended 30 June 2024: 43,733), up 22% for the twelve fixtures held during the period.
· Eight races on Lockinge Day included within World Pool, the collaboration between global totes and the Hong Kong Jockey Club, compared with five in 2024.
· New multi-year headline sponsorship agreements secured for Lockinge Day (BoyleSports) and February Super Saturday (William Hill).
· Four "Party in the Paddock" concerts scheduled during the summer of 2025, which provide the Company with an opportunity to expand attendances: Of the three to date, 19 July 2025 (Sophie Ellis-Bextor & Ella Henderson); 15 August 2025 (Bjorn Again); 16 August 2025 (Clean Bandit); these have attracted attendances of 35,668 compared with 26,632 on the same dates in 2024.
· 2025 prize money increasing on 2024, with additional funds being added into Mill Reef Stakes and Hungerford Stakes, as well as the creation of an additional race on Lockinge Day.
· Continued investment into improving the racecourse's facilities, track drainage and children's nursery.
· Non-Executive Director changes to the board with James Richardson joining on 6 January 2025 and Juliet Slot on 10 June 2025. John Dodds stepped down at the AGM having served on the Company's board since 2010.
Dominic Burke, Chairman of Newbury Racecourse plc commented:
"Trading for the first half of 2025 is marginally ahead of our expectations, despite strong raceday attendances up 22% on 2024. Compared with the first six months of last year, our revenues have grown across the majority of our income streams, but due to the impact of high inflationary costs, the increase in the National Living Wage and National Insurance contributions as well as our continued commitment to prize money, the company has only been able to reduce losses compared to the same period last year."
"We remain confident in the delivery of a positive financial outturn for 2025, but, looking ahead, are mindful of the potential impact that any changes to betting related tax rates could have on our racing business revenues."
For further information please contact:
Newbury Racecourse plc Tel: 01635 40015
Shaun Hinds, Chief Executive
Mark Leigh, Finance Director
Allenby Capital Limited Tel: 0203 328 5656
Nick Naylor/Dan Dearden-Williams (Corporate Finance)
Tony Quirke (Sales)
Hudson Sandler Tel: 0207 796 4133
Alex Brennan/Andy Richards
CHAIRMAN'S STATEMENT
Total turnover increased by 4% compared to the same period in 2024 to
Trading for the first half of the year was slightly ahead of the board's expectations, with reported raceday attendances up 22% compared with the first half of 2024, which has increased raceday associated revenues. We are now in the second full year our Media Rights agreement with Arena Leisure/Sky Sports Racing. We also saw an uplift in revenue from all eight races on Lockinge Stakes Day (five in 2024) being included in the World Pool betting pool.
Our cost base has been affected, as expected, by the impact of high inflation, changes to the National Living Wage and Employer's National Insurance contributions. Additionally, our costs include a continued commitment to prize money which can only be funded from underlying trading performance. For 2025 prize money is expected to be
Despite losing one January fixture to adverse weather, we have hosted some high-class competitive racing this year across both codes. Highlights to date have included wins for Joyeuse in the Newbury Hurdle, Djelo in the Denman Chase and for Master Chewy in the Game Spirit Chase, all on the newly sponsored William Hill Super Saturday. The start of the 2025 flat season during April featured wins for Divina Grace, Duty First and Jonquil in the main races of the Dubai Duty Free Spring Trials. This was followed in May by Lockinge Stakes Day with BoyleSports taking over the headline sponsorship on a multi-year agreement. The Group One feature race was won by Lead Artist for Juddmonte.
Beyond this results period, the July Weatherby's Super Sprint Day featured our first Party in the Paddock event of the year with the dual headliners of Ella Henderson and Sophie Ellis-Bextor performing to our biggest crowd in two years after an excellent day's racing. The feature race of the day attracted nineteen runners and was won by Anthelia ridden by Lewis Edmunds. For 2025 we introduced an additional Party in the Paddock over the August Visit Malta Hungerford Day weekend, where Bjorn Again performed on Friday and Clean Bandit on Saturday. The Visit Malta Hungerford Stakes was won by More Thunder ridden by Tom Marquand.
Meanwhile we now look ahead to the final fixtures of the Autumn Flat programme. The Dubai Duty Free International Weekend in September will feature our fourth Party in the Paddock of the year with James Bay headlining. This will be followed by our Oktoberfest themed event during October's flat finale weekend. Attention will then turn to the National Hunt season in November with both the Winter Carnival weekend and Gold Cup race into their fourth year of partnership with Coral. The year then draws to a close on 29 December 2025 with the popular festive gathering of the Challow Hurdle, also sponsored by Coral.
We look forward to welcoming all those associated with the racecourse to our remaining 2025 fixtures and our other businesses this year.
DOMINIC J BURKE
Chairman
12 September 2025
CHIEF EXECUTIVE'S REPORT
Performance Review
Turnover increased by 4.3% to
Mid-year operating losses of
Racing
The racecourse has hosted twelve racedays to 30 June 2025, with one January fixture abandoned due to the weather. Declared attendances in the first six months were 53,569, compared with 43,733 for the same period in 2024, which is an increase of 22%. The increased attendances have had a positive direct impact on raceday admission, betting and catering revenues.
Media related revenues via Arena Leisure/Sky Sports Racing are now into the second full year following the 5-year agreement which took full effect from 1 January 2024. In addition, we generated income from World Pool on Lockinge Stakes Day where we hosted eight races in 2025 compared with five in 2024. The World Pool income was offset by additional costs associated with marketing, themed activity and entertainment in support of the day.
We are grateful to have received continued support from all of our sponsors, with particular thanks to BoyleSports, William Hill, BetVictor, Starlight Children's Foundation, Compton Beauchamp Estates, Goffs, Watership Down Stud and Dubai Duty Free for their committed investment in the first half of the year.
Catering, Hospitality and Conference & Events
The partnership agreement with Levy Restaurants (part of Compass Group) is now into its fourth full financial trading year. The reported royalty income for the first half of 2025 was
The Conference & Events business has performed well in 2025 with overall revenues to 30 June 2025 of
The Lodge Hotel
Our 36-bedroom on-site accommodation, The Lodge Hotel, has achieved revenues for the first half of the year of
Rocking Horse Nursery
The Rocking Horse Nursery has continued to trade strongly this year with the facility continuing to benefit from the extension which opened in August 2023. Revenues in the first six months of 2025 were
SHAUN HINDS
Chief Executive
12 September 2025
Consolidated Profit and Loss Account
Six months ended 30 June 2025
|
|
Note |
Unaudited 6 months 30/06/25 £'000 |
Unaudited 6 months 30/06/24 £'000 |
|
Turnover |
7 |
9,673 |
9,276 |
|
Cost of sales |
|
(8,235) |
(7,823) |
|
Gross profit |
7 |
1,438 |
1,453 |
|
Administrative expenses |
|
(1,715) |
(1,826) |
|
Other operating income |
|
- |
- |
|
Operating (loss)/profit before exceptional items |
|
(277) |
(373) |
|
Exceptional Items |
8 |
- |
21 |
|
(Loss)/profit before interest and tax |
|
(277) |
(352) |
|
Interest receivable and similar income |
|
145 |
110 |
|
Interest payable and similar charges |
|
(14) |
(14) |
|
(Loss)/profit before taxation |
|
(146) |
(256) |
|
Tax (charge)/credit |
9 |
(15) |
(30) |
|
(Loss)/profit after taxation |
|
(161) |
(286) |
|
|
|
|
|
|
Loss / Profit per share (basic and diluted) (See Note 10) |
|
(4.81)p |
(8.54)p |
|
|
|
|
|
All amounts are derived from continuing operations
Consolidated Statement of Comprehensive Income
Six months ended 30 June 2025
|
|
|
|
|
Unaudited 6 months 30/06/25 £'000 |
Unaudited 6 months 30/06/24 £'000 |
|
(Loss)/profit for the period |
|
|
|
(161) |
(286) |
|
Remeasurement of the net defined pension liability |
|
|
|
- |
(58) |
|
Deferred tax on remeasurement |
|
|
|
14 |
14 |
|
Total comprehensive (loss)/income for the period |
|
|
|
(147) |
(330) |
Consolidated Balance Sheet
As at 30 June 2025
|
|
|
Note |
Unaudited 30/06/25 £'000 |
|
Audited 31/12/24 £'000 |
|
Fixed assets |
|
|
|
|
|
|
Tangible assets |
|
11 |
42,096 |
|
42,102 |
|
Investments |
|
|
|
|
- |
|
|
|
|
42,096 |
|
42,102 |
|
Current assets |
|
|
|
|
|
|
Stocks |
|
|
57 |
|
28 |
|
Debtors: amounts falling due after more than one year |
|
|
3,563 |
|
3,557 |
|
Debtors: amounts falling due within one year |
|
|
1,558 |
|
1,401 |
|
Short term deposits at bank |
|
|
5,139 |
|
2,093 |
|
Cash at bank and in hand |
|
|
3,018 |
|
5,416 |
|
|
|
|
13,335 |
|
12,495 |
|
Creditors: amounts falling due within one year |
|
(4,667) |
|
(3,695) |
|
|
Net current assets |
|
|
8,668 |
|
8,800 |
|
Total assets less current liabilities |
|
|
50,764 |
|
50,902 |
|
Creditors: amounts falling due after more than one year |
|
- |
|
- |
|
|
Provisions for liabilities |
|
|
|
|
|
|
Provisions |
|
|
(3,608) |
|
(3,593) |
|
Pension liability |
|
13 |
- |
|
- |
|
Net assets |
|
|
47,156 |
|
47,309 |
|
Capital grants |
|
|
|
|
|
|
Deferred capital grants |
|
|
7 |
|
13 |
|
Capital and reserves |
|
|
|
|
|
|
Called up share capital |
|
12 |
335 |
|
335 |
|
Share premium account |
|
|
10,202 |
|
10,202 |
|
Revaluation reserve |
|
|
75 |
|
75 |
|
Equity reserve |
|
|
143 |
|
143 |
|
Profit and loss account surplus |
|
|
36,394 |
|
36,541 |
|
Shareholders' funds |
|
|
47,148 |
|
47,296 |
|
Net assets |
|
|
47,156 |
|
47,309 |
|
|
|
|
|
|
|
The unaudited half year financial statements of Newbury Racecourse PLC, company registration 00080774, were approved by the Board of Directors on 12 September 2025 and signed on its behalf by:
D J Burke (Chairman) S C Hinds (Chief Executive)
Consolidated Statement of Changes in Equity
At 30 June 2025
|
GROUP |
Share Capital £'000 |
Share Premium £'000 |
Capital redemption Reserve £'000 |
Revaluation reserve £'000 |
Profit and loss account £'000 |
Total £'000 |
|
At 1 January 2025 |
335 |
10,202 |
143 |
75 |
36,541 |
47,296 |
|
Loss for the period to 30 June 2024 |
- |
- |
- |
- |
(161) |
(161) |
|
Other comprehensive income |
- |
- |
- |
- |
14 |
14 |
|
Total Comprehensive income |
|
|
|
|
(147) |
(147) |
|
At 30 June 2024 |
335 |
10,202 |
143 |
75 |
36,394 |
47,149 |
|
|
|
|
|
|
|
|
|
GROUP |
Share Capital £'000 |
Share Premium £'000 |
Capital redemption Reserve £'000 |
Revaluation reserve £'000 |
Profit and loss account £'000 |
Total £'000 |
|
At 1 January 2024 |
335 |
10,202 |
143 |
75 |
35,911 |
46,666 |
|
Loss for the period to 30 June 2024 |
- |
- |
- |
- |
(286) |
(286) |
|
Other comprehensive income |
- |
- |
- |
- |
(44) |
(44) |
|
Total Comprehensive income |
|
|
|
|
(330) |
(330) |
|
At 30 June 2024 |
335 |
10,202 |
143 |
75 |
35,581 |
46,336 |
|
|
|
|
|
|
|
|
Consolidated Cash Flow Statement
Six months ended 30 June 2025
|
|
|
|
Unaudited 6 months 30/06/25 |
Unaudited 6 months 30/06/24 |
|
|
|
|
|
|
|
Cash flows from operating activities |
|
|
||
|
(Loss)/profit for the financial period |
(161) |
(286) |
||
|
Adjustments for: |
|
|
||
|
Exceptional items |
- |
- |
||
|
Amortisation of capital grants |
(6) |
(4) |
||
|
Depreciation charges |
730 |
778 |
||
|
Interest paid |
14 |
14 |
||
|
Interest received |
(145) |
(110) |
||
|
Tax charge /(credit) |
15 |
30 |
||
|
Decrease/(increase) in stocks |
(29) |
(10) |
||
|
Decrease/(increase) in debtors |
(104) |
1,612 |
||
|
Increase in creditors |
1,369 |
596 |
||
|
Corporation tax paid |
- |
- |
||
|
Other associated property receipts |
24 |
140 |
||
|
Pension funding deficit payments |
- |
(72) |
||
|
Net cash generated from operating activities
|
1,707
|
2,688
|
||
|
Cash flows from investing activities |
|
|
||
|
Purchase of fixed assets |
(1,120) |
(772) |
||
|
Interest received |
15 |
28 |
||
|
Cash transferred to short term deposits |
(3,000) |
- |
||
|
Net cash from investing activities
|
(4,105)
|
(744)
|
||
|
Net Increase/(decrease) in cash and cash equivalents |
(2,398) |
1,944 |
||
|
Cash and cash equivalents at beginning of period |
5,416 |
2,301 |
||
|
Cash and cash equivalents at the end of period |
3,018 |
4,245 |
||
Notes to the Interim Financial Statements
Six months ended 30 June 2025
RESPONSIBILITY STATEMENT
We confirm that to the best of our knowledge:
(a) The condensed set of financial statements has been prepared in accordance with FRS 104 'Interim Financial Reporting' giving a true and fair value of the assets, liabilities, financial position and profit or loss of the undertakings included in the consolidation as a whole as required by DTR 4.2.4R.
(b) The interim report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and
(c) The interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein).
By order of the Board,
S C Hinds M Leigh
Chief Executive Finance Director
12 September 2025 12 September 2025
Notes to the Interim Financial Statements (Continued)
Six months ended 30 June 2025
1. BASIS OF PREPARATION
Newbury Racecourse PLC (the "Company") is a public company incorporated, domiciled and registered in England in the UK. The registered number is 00080774 and the registered address is The Racecourse, Newbury, Berkshire, RG14 7NZ.
These Group and parent company financial statements were prepared in accordance with Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102").
These interim financial statements do not include all of the notes and disclosures required to comply with FRS102, as they have been prepared in accordance with the content, recognition and measurement principles for interim financial reports, Financial Reporting Standard 104 (FRS 104).
The interim financial statements for the six months ended 30 June 2025 do not constitute statutory accounts within the meaning of S434 of the Companies Act 2006. The auditor's report on the accounts of Newbury Racecourse plc for the 12 months to 31 December 2023 was unqualified, did not draw attention to any matters by way of emphasis and did not contain any statement under S498 (2) or (3) of the Companies Act 2006 and has been delivered to the Registrar of Companies.
2. SIGNIFICANT ACCOUNTING POLICIES
The Interim Financial Statements have been prepared in accordance with the accounting policies adopted in the Group's most recent annual financial statements for the year ended 31 December 2024 and those expected to be applied for the year ending 31 December 2025.
3. ESTIMATES
When preparing the Interim Financial Statements, management undertakes a number of judgements, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenses. The actual results may differ from the judgements, estimates and assumptions made by management, and will seldom equal the estimated results.
The judgements, estimates and assumptions applied in the Interim Financial Statements, including the key sources of estimation uncertainty, were the same as those applied in the Group's last annual financial statements for the year ended 31 December 2024. The only exceptions are the estimate of income tax liabilities which is determined in the Interim Financial Statements using the estimated average annual effective income tax rate applied to the pre-tax income of the interim period.
4. GOING CONCERN
The Board has undertaken a full, thorough and continual review of the Group's forecasts and associated risks and sensitivities, over the next twelve months. The extent of this review reflects the current economic climate as well as the specific financial circumstances of the Group.
The Board identified that the Group's cash flow forecasts are sensitive to fluctuating revenue streams from ticket sales, corporate hospitality, conference and event income. A system of regular reviews of the forecasted business has been implemented to ensure all variable costs are flexed to match anticipated revenues. In addition, a number of race meetings have been insured for adverse weather conditions (and other factors such as animal disease and national mourning), reducing the levels of risk carried by the Group.
The Board has reviewed the cash flow and working capital requirements in detail. Following this review, the Board has concluded that it has reasonable expectation that the Group has adequate resources in place to continue in operational existence for the foreseeable future and has not identified a material uncertainty in this regard. On this basis the going concern basis has been adopted in preparing the financial statements.
Notes to the Interim Financial Statements (Continued)
Six months ended 30 June 2025
5. REVENUE RECOGNITION
Services rendered, raceday income including admissions, catering revenues, sponsorship and licence fee income is recognised on the relevant raceday. Annual membership income and box rental is recognised over the period to which they relate.
Other income streams are also recognised over the period to which they relate, for example, conference income is recognised on the day of the conference, the Lodge hotel income is recognised over the duration of the guests stay and nursery income is recognised as the child attends the nursery.
Sale of goods revenue is recognised for the sale of food and liquor when the transaction occurs.
6. DIVIDENDS
Dividends have been declared and authorised in relation to the Financial Year 31 December 2024. The dividends have been paid in July 2025 and therefore are not recognised as a liability at the balance sheet date because they do not meet the criteria of a present obligation in FRS102.
Notes to the Interim Financial Statements (Continued)
Six months ended 30 June 2025
8. SEGMENTAL ANALYSIS
|
30 June 2025 |
Turnover £'000 |
Gross Profit £'000 |
Operating (Loss)/profit before exceptional items £'000 |
(Loss)/profit before tax £'000 |
*Net Assets £'000 |
|
Racecourse Trading |
7,888 |
567 |
(721) |
(673) |
37,271 |
|
Nursery |
1,291 |
640 |
424 |
424 |
3,754 |
|
Hotel |
471 |
208 |
23 |
13 |
1,570 |
|
Property |
24 |
24 |
7 |
90 |
4.561 |
|
Total |
9,673 |
1,438 |
(277) |
(146) |
47,156 |
|
|
|
|
|
|
|
|
30 June 2024 |
Turnover £'000 |
Gross Profit/(Loss) £'000 |
Operating (Loss)/profit before exceptional items £'000 |
(Loss)/profit before tax £'000 |
*Net Assets £'000 |
|
Racecourse Trading |
7,669 |
1,014 |
(797) |
(763) |
37,087 |
|
Nursery |
1,163 |
382 |
382 |
382 |
3,696 |
|
Hotel |
410 |
23 |
23 |
23 |
1,570 |
|
Property |
34 |
34 |
19 |
102 |
3,999 |
|
Total |
9,276 |
1,453 |
(373) |
(256) |
46,353 |
* Net assets represents fixed assets less deferred income and term loans for Property, Nursery and Hotel; all working capital is included within the 'Racecourse Trading' segment.
9. EXCEPTIONAL ITEMS
|
|
|
|
|
|
|
6 months 30/06/25 £'000 |
6 months 30/06/24 £'000 |
|
Profit on disposal of fixed assets |
|
|
|
|
|
- |
21 |
|
Total |
|
|
|
|
|
- |
21 |
Notes to the Interim Financial Statements (Continued)
Six months ended 30 June 2025
10. TAXATION
The tax has been computed in accordance with FRS 104 Interim Financial Reporting. This requires the company to apply the estimated annual effective tax rate to the loss for the interim period and recognise a tax credit only to the extent that the resulting tax asset is more likely than not to reverse.
11. PROFIT PER SHARE
Basic and diluted loss per share of 4.81p (2024 loss per share: 8.54p) is calculated by dividing the loss attributable to ordinary shareholders for the period ended 30 June 2025 of
12. TANGIBLE FIXED ASSETS
|
GROUP |
|
|
|
Freehold property £'000 |
Fixtures and fittings £'000 |
Tractors and motor vehicles £'000 |
Total £'000 |
|
Cost or valuation |
|
|
|
|
|
|
|
|
As at 1 January 2025 |
|
|
|
56,263 |
12,155 |
347 |
68,765 |
|
Additions |
|
|
|
171 |
514 |
39 |
724 |
|
Disposals |
|
|
|
- |
- |
- |
- |
|
At 30 June 2025 |
|
|
|
56,434 |
12,669 |
386 |
69,489 |
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 January 2025 |
|
|
|
19,610 |
6,803 |
250 |
26,663 |
|
Charge for year |
|
|
|
320 |
395 |
15 |
730 |
|
Disposals |
|
|
|
- |
- |
- |
- |
|
At 30 June 2025 |
|
|
|
19,930 |
7,198 |
265 |
27,393 |
|
Net book value at 30 June 2025 |
|
|
|
36,504 |
5,471 |
121 |
42,096 |
|
Net book value at 31 December 2024 |
|
|
|
36,653 |
5,352 |
97 |
42,102 |
|
|
|
|
|
|
|
|
|
|
In 1959 a revaluation of part of the freehold land at
In 2018 the board revisited the residual values and useful economic lives of the land enhancements and major buildings on the site. Savills were instructed to provide an estimate of the residual values and these were applied in re estimating the depreciation charge for those assets. There was no further change in the residual values or useful economic lives during 2025. Notes to the Interim Financial Statements (Continued) Six months ended 30 June 2025
|
|||||||
13. SHARE CAPITAL
|
|
|
|
|
30/06/25 £'000 |
30/06/24 £'000 |
|
Authorised |
|
|
|
|
|
|
Ordinary shares of 10p each |
|
|
|
600 |
600 |
|
Total |
|
|
|
600 |
600 |
|
|
|
|
|
|
|
|
|
|
|
|
30/06/25 £'000 |
30/06/24 £'000 |
|
Allotted and fully paid |
|
|
|
|
|
|
Ordinary shares of 10p each |
|
|
|
335 |
335 |
|
Total |
|
|
|
335 |
335 |
|
|
|
|
|
|
|
14. RETIREMENT BENEFIT OBLIGATIONS
The defined benefit obligation as at 30 June 2025 has been determined with reference to the figures recorded at 31 December 2024, which were calculated in accordance with FRS102 s.28. In the Directors' opinion there have not been any significant fluctuations in the key assumptions.
15. RELATED PARTY TRANSACTIONS
There are no significant changes to the nature and treatment of related party transactions for the period to those reported in the 2024 Annual Report and Accounts.
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