- The horse racing venue is recommending a final dividend of 6 pence per share
Newbury Racecourse investors will once again receive a final dividend after strong attendances helped lift profits over the last year.
The horse racing venue, which also hosts music concerts, did not pay out last year after putting significant investments towards facilities and prize money.
But Newbury’s board is now recommending a final dividend of 6p per share.
The Berkshire-based group revealed turnover increased by 16.3 per cent to £22million in 2024, thanks to rising attendances and a new media rights deal.
Revenue from racing grew by £2.4million to £17.7million as the number of raceday goers expanded by over 4,000 to around 133,900 despite one race meeting being abandoned owing to bad weather.
Newbury’s flagship flat racing event, the Lockinge Stakes day in May, was attended by 9,600 people, 15 per cent more than the prior year.
Six months later, its two-day Coral Gold Cup steeplechase meeting attracted just above 17,600 spectators, an 11 per cent rise on 2023.
Winning result: Newbury Racecourse intends to pay shareholders a dividend after scoring higher annual revenues and profits
Newbury further benefited from a new five-year media rights agreement with Arena Leisure/Sky Sports Racing, which boosted its media rights income from £5.2million to £8million.
While total prize money paid out increased by over £1million to £6.9million, Newbury’s operating profits still jumped by about three-quarters to £857,000.
Dominic Burke, chairman of Newbury Racecourse, said the investment in prize money came against the backdrop of a ‘very challenging cost inflation environment’.
Newbury’s total costs rose by 11 per cent to £21.1million due to the extra prize money, as well as inflation, higher utilities costs, and the National Minimum Wage.
The company intends to hike prize money further this year, with funds going towards the Hungerford Stakes and Mill Reef Stakes in August and September, respectively.
During the summer and autumn, Newbury will also host four ‘Party in the Paddock’ music concerts.
Featured artists include Sophie Ellis-Bextor, Ella Henderson, ABBA tribute band Bjorn Again, electronic music group Clean Bandit and Hold Back the River singer James Bay.
More than 10,000 people saw DJ Sigala perform live at Newbury in July last year after the Weatherby’s Super Sprint meeting, before over 13,500 watched rapper Dizzee Rascal a few weeks later following the BetVictor Hungerford Stakes.
Other musicians who have performed at Newbury Racecourse include Sir Tom Jones, Sir Rod Stewart, the ska band Madness, Simply Red, and The Beach Boys.
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This article was originally published by a www.dailymail.co.uk . Read the Original article here. .