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The New Zealand Racing Board has announced an operating profit result of $154.9 million for the year ending 31 July 2018, up $6.9 million (4.7%) on last year.
Including the investment in its strategic initiatives, reported net profit was $145.9 million, $1.9 million (1.3%) ahead of last year, despite the delay in Racefields legislation which was budgeted to provide more than $4.9 million to racing.
Financial highlights released ahead of the NZRB’s 2018 Annual Report, which is due out later this year, include distributions to the three racing codes reaching a record $148.2 million, an increase of $10.6 million on last year.
A further $1 million was allocated from NZRB’s industry enhancement funds to improve stakes, infrastructure and youth development.
“An additional $12 million in funding provided the industry with a much needed boost in stakes money in 2017/18,” NZRB chief executive John Allen said.
“As well as record distributions to the racing industry, commission payments of $10.2 million were made to 34 national sporting organisations, up $1.0 million (10.4%) on last year. In addition, our gaming activities have delivered $12.8 million in funding applied to the racing industry and $3.4 million in grants to community sporting organisations, up 6.8% on last year.
“Looking forward, we are confident of achieving our long-term ambitious targets however the outcomes of the recent review of the racing industry by Mr John Messara will be a key consideration for the Board.
“We have considered the report in detail and agree with a majority of the recommendations, however the potential outsourcing of the TAB will need to be thoroughly analysed to ensure any decisions which are made are in the best, long-term interests of our customers and the industry.”
The full NZRB Annual Report for 2017/18 will be released at the NZRB AGM at NZRB Head Office in Petone on Friday 7 December.