16th August 2006
Racing Board Delivering Promised Growth
“The New Zealand Racing Board has recorded a further lift in operating performance for the 2005/06 year, and is meeting
the industry growth targets set out at its inception three years ago,” said Chairman Warren Larsen.
Mr Larsen announced today, that the Board had recorded an unaudited operating surplus in excess of $85 million for the
year. That represents 9% growth over the last two seasons. The outcome is $4 million above committed funding and the
Board has resolved to distribute that additional surplus to the three Racing Codes.
“In 2003, we stated that to turn the industry around, a combined industry effort to deliver $100 million annually was
necessary. We believed the Board could deliver $10-15 million of that amount with the industry itself contributing a
further $10-20 million. I am pleased to announce the Board is now delivering above its $10 million target level after
just three years,” said Mr Larsen.
This pleasing result for the year is obviously prior to the benefit of announced taxation changes, and with this funding
injection the industry now has a robust financial platform to further encourage participation in racing and to
contribute more strongly to national economic growth.
ENDS