Record year as NZ Racing Board continues transformation

28 November 2013

Record year as NZ Racing Board continues transformation

At the NZ Racing Board AGM, held at the Head Office in Wellington today, the NZ Racing Board reflected on a record-breaking financial year and outlined its ambitious vision and goals for the future.

Financial achievements in 2013 included a record turnover of $1,956.8m, and record distributions of $147.7m to the racing industry and sporting organisations.

Speaking at the AGM, NZ Racing Board Chair Glenda Hughes said the organisation and the industry still faced significant challenges, and ongoing transformation and a collaborative approach is key to further, sustained success for an industry that contributes almost 1% of GDP.

“2013 was a year of rebuilding, but we were delighted to have delivered a record return for the industry at the same time. We are constantly driven by our core purpose, which includes promoting and enhancing the racing industry and generating long term profit for the industry.

“Significant transformation has already occurred. This year a new leadership team was put in place, capability was increased across the organisation at all levels, clarity of accountability and focus was established, an aspirational vision was developed and a five-year corporate strategy was outlined.”

Long term strategic organisational goals outlined at the AGM were to:

· Achieve a surplus of $160-$180m

· Grow stakes by 50%

· Grow return to racing owners by 50%

· Achieve 30% turnover from new markets and products

· Reduce operational cost-to-income ratio to below 30%

NZ Racing Board CEO Chris Bayliss said, “We now have a clear vision that gives us an aspirational focus – to be the best entertainment business for New Zealand. With our strategy now in place we have a robust plan to take this business forward, clear metrics for measuring our progress, and clear goals to enable us to achieve our vision for the industry.

“We will continue to strive – through open dialogue, transparency and collaboration with the industry – to transform and succeed together,” said Mr Bayliss.

Minister of Racing Hon Nathan Guy spoke at the AGM and congratulated the Board and Management on the financial results.

Financial result increase

2012/13

2011/12

Turnover

$1.957b

$1.814b

+7.9%

Net profit

$144.1m

$127.3m

+13.2%

Distribution to Racing Industry

$142.0m

$135.5m

+4.8%

Total distribution made from current year profit:

$142.4m

$135.8m

+4.9%

Full information and financial statements will be in the NZ Racing Board’s 2013 Annual Report, which will be publically available online from 13 December.

Presentations from the NZ Racing Board’s AGM were filmed for subsequent broadcast on the Trackside television channel at 3:00am on Saturday, 7 December and again at 1:00am on Sunday, 8 December 2013.

NZ Racing Board Chair Glenda Hughes at the AGM

NZ Racing Board CEO Chris Bayliss at the AGM

Minister of Racing Hon Nathan Guy at the AGM

ENDS

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