- Turnover of £110.9m and pre-tax profit of £5.9m (2022 £3.4m)
- Record prize money of £17.5m set to be returned to the sport in 2024
- Voluntary increased loan repayment helps reduce debt ahead of schedule
Ascot Racecourse today announces its financial results for the 12 months ended 31st December 2023. Ascot Authority (Holdings) Limited (AAHL) reported a pre-tax profit of £5,915,000.
All figures below are shown in £'000.
Turnover: 2023: 110,872 | 2022:101,424
Cost of sales: 2023: (73,418) | 2022: (66,456)
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Gross profit: 2023: 37,454 | 2022: 34,968
Overheads: 2023: (30,325) | 2022: (29,955)
Other operating income: 2023: 673 | 2022: 498
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Group operating profit/(loss): 2023: 7,802 | 2022: 5,511
Share of operating profit of British Champions Series Ltd: 2023: 94 | 2022: 177
Interest receivable and similar income: 2023: 1,303 | 2022: 395
Finance charges: 2023: (3,284) | 2022: (2,696)
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Profit on ordinary activities before taxation: 2023: 5,915 | 2022: 3,387
2023 business summary
- Turnover rose by 9% to £110.9m.
- Gross profit percentage fell from 34.5% to 33.8%, reflecting increased costs and general inflationary economic conditions.
- Profit before tax increased by £2.5m but EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation), an indicator of cash generated by the business, rose by only £582k (3.8%). The depreciation charge fell significantly as assets are fully written off and interest received on bank deposits benefitted from the high base rate.
- £11m of the loan was repaid in 2023 (a £3m mandatory repayment and a voluntary partial early repayment of £8m). Net debt as at 31st December 2023 was £9.5m (2022 £17.2m).
- On-course attendance rose to 514,208 racegoers, an increase of 6.3% on 2022 (25 racedays v 24).
- Domestically, a new three-year deal was agreed with ITV in 2023 to show racing from Ascot between 2024-2026 including all races from all five days of Royal Ascot live. A new four-year media and data rights agreement was also agreed with Arena Racing Company and an extension of the partnership with Sky Sports Racing.
- Six of the top ten (including ties) racehorses in the Longines World’s Best Racehorse Rankings ran at Ascot while internationally trained horses from Australia, America, Hong Kong and France travelled to compete.
- Total advertised prize money in 2023 across 25 planned racedays (excluding QIPCO British Champions Day) was £17m, an increase of £1.33 million on 2022 figures.
- Strong 2023 performance enabled record planned prize money in 2024 with £17.5m set to be on offer, £10m at Royal Ascot 2024, an increase of 5% over 2023.
Alastair Warwick, Chief Executive Officer at Ascot Racecourse, said:
“Overall, we were pleased with our financial performance in 2023 with healthy revenue growth highlighting the continued popularity of racing at Ascot.
“As is being widely seen across the sport and leisure industry, costs have increased significantly which means we are operating in a challenging environment. We also have to prioritise our loan repayments and are particularly pleased to have been able to make additional payments in this respect.
“The overall picture is positive and as ever we are extremely grateful to all our Partners, Sponsors and Suppliers for their continued support. This allowed us to announce record prize money this year, which is vital to protect our position on the world stage in an increasingly competitive environment.
“Royal Ascot 2024 was a hugely enjoyable and successful week on a number of levels. We are yet to fully finalise the financial performance of the week but we saw good hospitality sales and really strong public attendance numbers which was especially pleasing.”
