Newbury Racecourse - Preliminary Results for the 12 months to 31 Dec 25
Announcement provided by
Newbury Racecourse plc · NYR07/05/2026 07:00
The information contained within this announcement is deemed by the Group to constitute inside information as stipulated under the Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 ("MAR"). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
7 May 2026
(the "Racecourse" or the "Company")
Preliminary results for the twelve months ended 31 December 2025
Newbury Racecourse plc, the racing, entertainment and events business, today announces its preliminary results for the twelve months ended 31 December 2025.
2025 Financial and Business Summary
· Revenue of
· Profit before tax of
· Consolidated group profit on ordinary activities after tax of
· Raceday attendances of 165,492 (2024: 133,896), an increase of 24%. Thirty race meetings (2024: 30), including one abandoned race meeting as a result of adverse weather.
· Four "Party in the Paddock" concerts with overall attendance of 45,063 (2024: Two concerts, 18,953 attendance).
· The impact of inflation increases in the National Minimum Wage and Employer National Insurance contributions, increased cost of utilities and additional concert costs all contributed to an 8% increase in the cost base.
· Record total prize money of
· Eight races (2024: five) on Lockinge Stakes Day included within the World Pool, the collaboration between global pool betting totes and the Hong Kong Jockey Club, which has resulted in an uplift in associated revenues.
· Major investment of
· New multi-year headline sponsors secured for Lockinge Day (BoyleSports) and February Super Saturday (William Hill).
· The directors are recommending a final dividend of 6p per share (2024: 6p), which will be proposed at the annual general meeting. If approved the proposed final dividend will be paid to shareholders on 3 July 2026. The record date for the proposed final dividend will be 12 June 2026, and the Company's shares will be marked "ex-dividend" on 11 June 2026.
· Board strengthened with the appointment of Non-Executive Directors James Richardson on 6 January 2025 and Juliet Slot on 10 June 2025.
2026 Update
· Four "Party in the Paddock" concerts confirmed for 2026: 17 July (Gypsy Kings); 18 July (Ronan Keating); 14 August (Tinie Tempah); and 15 August (Jessie J) with all artists performing after racing. Sales are strong and currently in line with the Board's expectations.
· 2026 prize money increasing on 2025, with additional funds being added into the Class One programme, including
· Investment aimed at continuing to improve the racecourse's facilities, including a new canter down, a reservoir to provide year-round watering capability plus hospitality and guest experience upgrades.
Dominic Burke, Chairman of Newbury Racecourse plc commented:
"I am delighted to announce a 6% revenue growth in the underlying business with the 2025 financial year producing the Company's highest recorded trading revenue and profit before tax and exceptional items. This demonstrates the success of several initiatives implemented as the revenue increases are encouraging spread across all activities of the business. A 24% increase in raceday attendances was achieved through dynamic pricing, targeted ticket schemes and loyalty programmes in place, which has positively impacted attendance and hospitality related income streams. As anticipated, the additional new capacity in the children's nursery has improved financial performance, with both the Conference & Events business and hotel also growing, as we continue to seek opportunities to diversify and grow our revenue streams.
"Following significant increases in previous years I am delighted that we have been able to invest further into prize money through our executive contribution. This investment into racing has been made despite a very challenging cost inflation environment. The Company continues to invest in racecourse facilities to ensure that we provide high quality facilities for the racehorse, jockeys, owners & trainers, racegoers and event delegates, as we continually strive to invest for the future benefit of the business.
"In relation to the broader racing industry, as Newbury Racecourse we were one of the initial signatories of the open letter to the Racecourse Association dated 3rd March concerning governance. We, along with our fellow signatories, have been actively engaged in collaborative and constructive discussions to help find a solution to governance reform of the Association. Clearly a comprehensive review is required in order to undertake any potential changes and as such
"In the meanwhile, our sincere thanks, as ever, to all sponsors, partners, owners, trainers, jockeys, stable staff, members, racegoers, event delegates, shareholders and all of our greatly valued management team and staff."
For further information please contact:
Newbury Racecourse plc
Shaun Hinds, Chief Executive Tel: 01635 40015
Mark Leigh, Finance Director
Allenby Capital Limited Tel: 0203 328 5656
Nick Naylor/Liz Kirchner (Corporate Finance)
Hudson Sandler Tel: 0207 796 4133
newbury@hudsonsandler.com
Alex Brennan/Andy Richards
CHAIRMAN'S STATEMENT
Year ended 31 December 2025
The year 2025 was a strong financial year for the Company. Total revenue grew by 6% to its highest reported level of
For the 2025 racing programme we welcomed just under 165,500 racegoers (2024: 134,000) to the racecourse for our 30 fixtures (2024: 30) which was an increase of 24%. We had a single abandonment on 9th January due to adverse weather (2024: one). In 2025 we further demonstrated our support to the industry by increasing prize money to a record level of
During 2025, we hosted some high-quality competitive racing, continuing to demonstrate our ability to appeal to the best horses across both codes and providing our racegoers with some outstanding performances on the track. National Hunt highlights in the early part of the year included wins for the Nicky Henderson trained Joyeuse in the newly sponsored William Hill Hurdle and Djelo in the William Hill Denman Chase. The William Hill Game Spirit Chase on the same February day was won by Master Chewy.
The opening of the flat season in mid-April, provided wins for Jonquil, Duty First and Divina Grace in the big races at the Dubai Duty Free (DDF) Spring Trials, with 2025 representing our 30th year of valued partnership with DDF. In May, the Group One Lockinge Stakes, sponsored for the first time by Boyle Sports, was won by Lead Artist in another strong renewal. The Lockinge Stakes Day was the third year of inclusion for this fixture within World Pool, which is the collaboration between global totes and the Hong Kong Jockey Club. 2025 saw the full eight-race card selected.
The 2025 year saw the racecourse host four Party in the Paddock events for the first time, with racing followed by a concert. The first of these took place at July's Weatherbys Super Sprint meeting, with a crowd of just under 16,000 being entertained by Ella Henderson and Sophie Ellis-Bextor after an excellent day's racing, which saw Anthelia win the Super Sprint, Elite Status win the Hallgarten and Novum Wines Hackwood Stakes and Royal Dubai win the BetVictor Steventon Stakes. Our next Party in the Paddock events in August saw Bjorn Again perform on Friday and Clean Bandit entertain over 11,500 at the Visit Malta Hungerford Saturday meeting where More Thunder was victorious in the feature race of the day. The final Party in the Paddock took place on Dubai Duty Free Saturday in September with James Bay performing after the Words of Truth won the Group Two Mill Reef Stakes, run in honour of jockey Geoff Lewis, who was synonymous with that great horse.
We rounded off 2025 with Panic Attack proving a very popular winner of the Coral Gold Cup in November, whilst Coral also sponsored the Grade One Challow Novices Hurdle won by No Drama This End.
Across other areas of our business, the addition of the Nursery single-room extension completed in 2023 has enabled the enlarged facility to increase turnover to
Our commitment to improving facilities at the racecourse continued during 2025. We made a significant investment into the Jockey Weighing Room to improve the jockeys and valets' facilities with a larger changing space, the establishment of segregated areas and upgraded exercise equipment. Additional investments during the year included upgrades to the internal racetrack road, improving staff welfare facilities, creating new successful commercial outlets as well as a new highly regarded forest school for the nursery.
On behalf of the board, I would like to thank the management team, our staff and third-party support providers for their continued hard work during the year. I would like to thank our sponsors for their ongoing support as well as members, racegoers, event delegates, owners, trainers & jockeys and all others associated with supporting our racing activities at Newbury.
DOMINIC J BURKE
Chairman
6 May 2026
STRATEGIC REPORT
Year ended 31 December 2025
STRATEGY AND OBJECTIVES
The Board's strategy is for Newbury Racecourse plc to provide a profitable and diversified business for the benefit of all stakeholders. This will be delivered through first class facilities including a modern market-leading racecourse along with hotel, children's nursery, and conference and events businesses. Where commercially viable these will be supported by investment in further innovative activities. One of the key aims of this Strategic Report is to set out and appraise the business model through which we deliver that strategy.
THE BUSINESS MODEL
Newbury Racecourse plc is the parent of a Group of companies which own Newbury Racecourse and engages in racing, hospitality and associated food and beverage retail activities. In addition, the Group operates a conference and events business, a children's nursery, and an on-site hotel. Alongside its trading activities, the Group also owns freehold property from which it receives annual income.
FINANCIAL & BUSINESS REVIEW
Consolidated group profit on ordinary activities before tax in the year ended 31st December 2025 was
Total turnover increased by 6% to
Total costs increased by 7% to
Overall operating profit before interest was
Profit after tax was
The negative movement in cash reserves of
Racing
In 2025 we were scheduled to host three BHA fixtures in addition to the twenty-eight owned fixtures. The accounts include a total of 30 days racing (2024: 30) with one abandonment on 9th January due to weather. Overall declared raceday attendances in 2025 were 165,492 (2024: 133,896) representing a 24% increase.
The Company's media rights agreement with Arena Leisure/Sky Sports Racing completed its second full year. Total media related revenues were reported as
May marked the first year of Boyle Sports sponsorship of Lockinge Day, Newbury's most valuable race meeting, which was attended by just under 10,600 racegoers, an increase of 10% on 2024. This meeting has established itself as the flagship event in our flat racing calendar and the action on the track once again featured a string of outstanding performances. The day also represented our third year of collaboration alongside the Hong Kong Jockey Club with the Group One Lockinge Stakes, London Gold Cup and six further races being included within the World Pool commingling pool.
Our cornerstone jump meeting at the end of November marked the fourth year of our partnership with Entain featuring the prestigious Coral Gold Cup. Attendances across the two-day meeting were just over 18,500, a 5% increase on 2024. The Grade One Challow Hurdle Day, also sponsored by Coral, hosted at the end of December attracted a record crowd of over 11,200.
We continued to make further investment into prizemoney, with a total of
STRATEGIC REPORT (continued)
Year ended 31 December 2025
Catering, Hospitality and Conference & Events
Newbury Conference & Events direct revenues were
2025 represented the fourth full year of Levy Restaurants operating our catering business which runs through to the end of 2031. The reported trading income of
The Rocking Horse Nursery
Following the opening of an additional room extension in August 2023 and the 'Outstanding' OFSTED rating in 2024, the Rocking Horse Nursery continued to trade positively throughout 2025 with revenues of
The Lodge Hotel
Our on-site hotel generated revenues of
KEY PERFORMANCE INDICATORS
The Group uses raceday attendance, trading operating profit and cash generated from operating activities, as the primary performance indicators. 2025 total attendance was 165,492 (2024: 133,896). Operating profit is shown within the profit and loss account and cash generated from operating activities is shown within the consolidated statement of cashflows.
PRINCIPAL RISKS AND UNCERTAINTIES
Cashflow Risk
The main cash flow risks, under normal trading circumstances, are the vulnerability of race meetings to abandonment due to adverse weather conditions, animal disease and fluctuating attendances particularly for the Party in the Paddock concert events. The practice of covering the racetrack to protect it from frost and investment in improved drainage, as well as insuring key racedays, mitigates some of the raceday risk.
Short term cash flow risk is mitigated by regular review of the expected timing of receipts and by ensuring that the Group has committed contingencies in place in order to manage its working capital and investment requirements.
Credit Risk
The Group's principal financial assets are trade and other receivables. The Group's credit risk is primarily attributable to its trade receivables. The amounts in the balance sheet are net of allowances for doubtful receivables. Payment is required in advance for ticket, hospitality, sponsorship, and conference and event sales, reducing the risk of bad debt.
Liquidity Risk
In order to maintain liquidity to ensure that sufficient funds are available for all ongoing operations, the Board regularly reviews the facilities available to the Group to ensure that there is sufficient working capital available.
Price Risk
The Group operates within the leisure sector and regularly benchmarks its prices to ensure that it remains competitive.
Cost Risk
The Group has had an historically stable cost base. The key risks are unforeseen maintenance liabilities, movement in utility costs and additional regulatory costs for the racing business. A programme of regular maintenance is in place to manage the risk of failure in the infrastructure, while utility contracts are professionally managed. The Group is a member of the Racecourse Association, a trade association which actively seeks to manage increases in regulatory risk.
Interest Rate Risk
The Group previously managed its exposure to interest rates through an appropriate mixture of interest rate caps and swaps, although this is currently not required as there are no borrowings.
Climate Risk
The Group has an on-site weather station which enables the business to actively monitor conditions, with the main risk being to racetrack conditions and the Group's ability to fulfil fixtures. To mitigate any potential abandonments the Group has insurance in place for the fixtures with the highest risk. A reservoir is under construction for 2026 to ensure that the racetrack will be able to be watered, when required, on a year-round basis.
STRATEGIC REPORT (continued)
Year ended 31 December 2025
Cyber Risk
The Group has identified the need to increase its cyber security capability. Robust IT defences are in place as well insurance policies in order to mitigate the potential impact and financial losses from cyber-attacks.
GOING CONCERN
The Board has undertaken a thorough review of the Group's cash flow forecast alongside associated risks and sensitivities, over the next twelve months. The extent of this review reflects the current economic climate as well as the specific financial circumstances of the Group, such as revenue streams from ticket sales, hospitality, conference and events along with nursery and hotel performance drivers.
The Group's investment commitments have also been taken into consideration. A process of regularly reviewing the performance of the business is in place which includes financial forecasting to ensure that all variable and controllable costs are managed appropriately to match anticipated revenues. A number of race meetings have been insured for adverse weather conditions (and other factors such as animal disease and national mourning), to reduce the level of risk carried by the Group.
Following this review the Board has concluded that it has reasonable expectation that the Group has adequate resources in place to continue in operational existence for the foreseeable future and has not identified a material uncertainty in this regard. On this basis the going concern basis has been adopted in preparing the financial statements.
SECTION 172 STATEMENT
Section 172 of the Companies Act 2006 requires Directors to take into consideration the interests of stakeholders and other matters in their decision making. The Directors continue to have regard to the interests of the Company's employees, members, partners, the horseracing community and other stakeholders, the impact of its activities on the local community, the environment and the Company's reputation for good business conduct, when making decisions. The board identifies stakeholders through its annual strategic review. As the business evolves the board recognises that those with a direct interest and involvement in the decisions of the company changes.
In this context, acting in good faith and fairly, the Directors consider what is most likely to promote the success of the Company and for these stakeholders in the long term. For example:
· The engagement of the business with the horseracing community and stakeholders, such as the Racecourse Association and Thoroughbred Group is routinely considered during the board's decision-making process.
· The Company has a frequent forum with local residents to ensure that communication channels are open & accessible.
· The Company continues to regularly engage with Annual members and corporate box holders and to encourage feedback and improve the service provided.
· The Company encourages a supportive and inclusive working culture within the business as set out in the 'Our Newbury' employee programme, alongside supporting personal development and promoting wellness & mental health awareness.
· The Company has a sub-group which has adopted and implemented a Diversity & Inclusion policy across the business.
STRATEGIC REPORT (continued)
Year ended 31 December 2025
Key board decisions made during the year in the interests of overall business success set out below:
|
Significant events/decisions |
Key S172 matters affected |
Actions and impact |
|
Investment in racecourse and site facilities |
Customers, suppliers, employees, shareholders, West Berkshire community |
· During 2025 the company made a significant investment into the Jockey Weighing room facilities at the racecourse in order to support the need across the industry to improve these key facilities. At Newbury this required adding additional changing space, creating segregated valet areas and upgrading exercise facilities. · Following the catering partnership agreement with Levy Restaurants signed in 2021, the company triggered their right to extend this to the end of 2031 by accepting the final phase of investment. The initial phases included the redevelopment of the Berkshire Stand facilities and subsequently the Hampshire Stand and the Hennessy Restaurant. Further smaller investments since have been made in the catering facilities. The decision to enter into the longer-term agreement enabled the company to continue to gain access to technology, innovation, human resources and deliver the most effective commercial benefits. · Additional decisions on investments during the year included upgrades to the internal racetrack road, improving staff welfare facilities, creating new commercial outlets as well as a new forest school for the nursery. · In all the above cases, the decisions made were considered to be in the best interest of all key stakeholders.
|
|
Race Planning and Prize Money policy |
Customers, employees, shareholders, industry stakeholders. |
· At the start of 2024 the British Horseracing Authority (BHA) introduced 'Premier Racing' which elevated those fixtures which warranted a higher status and standing within the racing calendar. In response racecourses committed to an additional funding contribution to prize money in order to secure these fixtures alongside a two-tier funding arrangement. · With this two-year initiative concluding in 2025, the BHA changed their approach to funding and will be reverting to a single model in 2026 which means that Newbury will be required to fund a disproportionate amount of the prize money contribution. · The board decided that in order for the company to remain competitive and attract the best horses that they would support this industry initiative by increasing prize money and funding the additional contribution cost. · This decision was considered to be in the best interests of racing and racing related stakeholders and, ultimately, shareholders.
|
During the period to 31 December 2025 the Company has sought to act in a way that upholds these principals. The Directors believe that the application of Section 172 requirements can be demonstrated in relation to some of the key decisions made and actions taken during 2025.
CORPORATE GOVERNANCE
The Company is committed to maintaining the highest standards in corporate governance throughout its operations and to ensure all of its practices are conducted transparently, ethically and efficiently. The Company believes scrutinising all aspects of its business and reflecting, analysing and improving its procedures will result in the continued success of the Company and deliver value to shareholders. Therefore, and in accordance with the Aquis Growth Market Apex Rule Book, (the "AQSE Rules"), the Company has chosen to comply with the UK's Quoted Companies Alliance Corporate Governance Code 2023 (the "QCA Code"). The Company is committed to the ten principles of corporate governance as practiced by the AQSE market. These principles are disclosed in the 'Corporate Governance Statement' within this report.
|
STRATEGIC REPORT (continued) Year ended 31 December 2025
CORPORATE AND SOCIAL RESPONSIBILITY
|
Employee Consultation
The Group places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees and on the various factors affecting the performance of the Group and the Company. This is achieved through formal and informal meetings, and distribution of the annual financial statements. Employee representatives are consulted regularly on a wide range of matters affecting their current and future interests through the 'Our Newbury' employee engagement programme at the forefront of these initiatives.
Policy on Payments to Suppliers
Although no specific code is followed, it is the Group's and Company's policy, unless otherwise agreed with suppliers, to pay suppliers within 30 days of the receipt of an invoice, subject to satisfactory performance by the supplier. The amount owed to trade creditors at 31 December 2025 is 12% (2024: 12%) of the amounts invoiced by suppliers during the year. This percentage, expressed as a proportion of the number of days in the year, is 42 days (2024: 42 days).
Business Relationships
The Directors recognise the need to foster the company's business relationships with suppliers, customers and others. To that effect, the Company have policies and procedures in place, by which principal decisions taken by the company during the financial year were followed.
Employees who have a disability
Applications for employment by persons with a disability are always fully considered, bearing in mind the abilities of the applicant concerned. In the event of members of staff becoming disabled every effort is made to ensure that their employment with the Group continues and the appropriate training is arranged. It is the policy of the Group and the Company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Charitable Donations
During the year the Group made charitable contributions totalling
This report was approved by the board and signed on its behalf by:
|
S C HINDS Chief Executive
|
Consolidated Profit and Loss Account
Year ended 31 December 2025
|
|
|
2025 £'000 |
2024 £'000 |
|
|
Turnover |
|
23,377 |
22,040 |
|
|
Cost of sales |
|
(19,147) |
(17,668) |
|
|
Gross profit |
|
4,230 |
4,372 |
|
|
Administrative expenses |
|
(3,440) |
(3,515) |
|
|
Operating profit |
|
790 |
857 |
|
|
Interest receivable and similar income |
|
338 |
253 |
|
|
Interest payable and similar charges |
|
(14) |
(10) |
|
|
Profit before tax |
|
1,114 |
1,100 |
|
|
Tax charge |
|
(468) |
(306) |
|
|
Profit after tax |
|
646 |
794 |
|
|
|
|
|
|
|
|
Profit per share (basic and diluted) |
|
19.29p |
23.71p |
|
|
All amounts derive from continuing operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
||
Consolidated Statement of Comprehensive Income
Year ended 31 December 2025
|
|
|
|
|
|
2025 £'000 |
2024 £'000 |
|
|||
|
Profit for the financial year |
|
|
|
|
646 |
794 |
|
|||
|
Remeasurement of the net defined benefit liability |
|
|
|
(164) |
10 |
|
||||
|
Deferred tax on actuarial (loss)/gain |
|
|
|
|
- |
- |
|
|||
|
Other comprehensive (loss) for the year |
|
|
|
(164) |
10 |
|
||||
|
Total recognised profit in the year |
|
|
|
|
656 |
630 |
|
|||
|
|
|
|
|
|
|
|
||||
Consolidated Balance Sheet
As at 31 December 2025
Company No. 00080774
|
|
|
|
|
|
|
2025 £'000 |
2024 £'000 |
|
Fixed assets |
|
|
|
|
|
|
|
|
Tangible assets |
|
|
|
|
|
41,512 |
42,102 |
|
Investments |
|
|
|
|
|
- |
- |
|
|
|
|
|
|
|
41,512 |
42,102 |
|
Current assets |
|
|
|
|
|
|
|
|
Stocks |
|
|
|
|
|
29 |
28 |
|
Debtors |
|
|
|
|
|
|
|
|
- due within one year |
|
|
|
|
|
2,033 |
1,401 |
|
- due after more than one year |
|
|
|
|
|
3,569 |
3,557 |
|
Short term deposits at bank |
|
|
|
|
|
5,231 |
2,093 |
|
Cash at bank and in hand |
|
|
|
|
|
3,533 |
5,416 |
|
|
|
|
|
|
|
14,395 |
12,495 |
|
Creditors: amounts falling due within one year |
|
|
|
|
(4,090) |
(3,695) |
|
|
Net current assets |
|
|
|
|
|
10,305 |
8,800 |
|
Total assets less current liabilities |
|
|
|
|
|
51,817 |
50,902 |
|
Creditors: amounts falling due after more than one year |
|
|
|
- |
- |
||
|
Provisions for liabilities |
|
|
|
|
|
(4,065) |
(3,593) |
|
Net assets |
|
|
|
|
|
47,752 |
47,309 |
|
Capital grants |
|
|
|
|
|
|
|
|
Deferred capital grants |
|
|
|
|
|
- |
13 |
|
Capital and reserves |
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
|
335 |
335 |
|
Share premium account |
|
|
|
|
|
10,202 |
10,202 |
|
Revaluation reserve |
|
|
|
|
|
75 |
75 |
|
Equity reserve |
|
|
|
|
|
143 |
143 |
|
Profit and loss account surplus |
|
|
|
|
|
36,997 |
36,541 |
|
Shareholders' funds |
|
|
|
|
|
47,752 |
47,296 |
|
Net assets |
|
|
|
|
|
47,752 |
47,309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statement of Changes in Equity
As at 31 December 2025
|
GROUP |
Share Capital £'000 |
Share Premium £'000 |
Capital Redemption Reserve £'000 |
Revaluation Reserve £'000 |
Profit and Loss Account £'000 |
Total £'000 |
|
At 1 January 2025 |
335 |
10,202 |
143 |
75 |
36,541 |
47,296 |
|
Profit for the year |
- |
- |
- |
- |
646 |
646 |
|
Other comprehensive income |
- |
- |
- |
- |
10 |
10 |
|
Total comprehensive income |
- |
- |
- |
- |
656 |
656 |
|
Dividends paid |
- |
- |
- |
- |
(200) |
(200) |
|
At 31 December 2025 |
335 |
10,202 |
143 |
75 |
36,997 |
47,752 |
|
GROUP |
Share Capital £'000 |
Share Premium £'000 |
Capital Redemption Reserve £'000 |
Revaluation Reserve £'000 |
Profit and Loss Account £'000 |
Total £'000 |
|
At 1 January 2024 |
335 |
10,202 |
143 |
75 |
35,911 |
46,666 |
|
Profit for the year |
- |
- |
- |
- |
794 |
794 |
|
Other comprehensive income |
- |
- |
- |
- |
(164) |
(164) |
|
Total comprehensive income |
- |
- |
- |
- |
630 |
630 |
|
Dividends paid |
- |
- |
- |
- |
- |
- |
|
At 31 December 2024 |
335 |
10,202 |
143 |
75 |
36,541 |
47,296 |
Consolidated Cash Flow Statement
Year ended 31 December 2025
|
|
|
|
|
|
|
2025 £'000 |
2024 £'000 |
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
Profit for the financial year |
|
|
|
|
|
646 |
794 |
|
Adjustments for: |
|
|
|
|
|
|
|
|
Exceptional items |
|
|
|
|
|
- |
(21) |
|
Amortisation of capital grants |
|
|
|
|
|
(13) |
(9) |
|
Depreciation charges |
|
|
|
|
|
1,653 |
1,546 |
|
Interest payable |
|
|
|
|
|
14 |
10 |
|
Interest receivable |
|
|
|
|
|
(338) |
(253) |
|
Tax charge |
|
|
|
|
|
468 |
306 |
|
(Increase)/Decrease in stocks |
|
|
|
|
|
(1) |
10 |
|
(Increase)/Decrease in debtors |
|
|
|
|
|
(610) |
1,427 |
|
Increase in creditors |
|
|
|
|
|
789 |
176 |
|
Other associated property receipts |
|
|
|
|
|
133 |
259 |
|
Pension top up payments |
|
|
|
|
|
- |
(173) |
|
Net cash inflow from operating activities |
|
|
|
|
|
2,741 |
4,072 |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
Interest received |
|
|
|
|
171 |
40 |
|
|
Purchase of fixed assets |
|
|
|
|
|
(1,457) |
(1,035) |
|
Purchase of short-term investments |
|
|
|
|
|
(3,138) |
- |
|
Receipts from exceptional sale of fixed assets |
|
|
|
|
- |
38 |
|
|
Net cash (outflow) from investing activities |
|
|
|
|
(4,424) |
(957) |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
Dividends paid |
|
|
|
|
|
(200) |
- |
|
Net cash outflow from financing activities |
|
|
|
|
|
(200) |
- |
|
Net (decrease)/increase in cash in the year |
|
|
|
|
|
(1,883) |
3,115 |
|
Cash as at 1 January 2025 Cash as at 31 December 2025 |
|
|
|
|
|
5,416 3,533 |
2,301 5,416 |
Notes to the Financial Statements
Year ended 31 December 2025
1. GENERAL INFORMATION
Newbury Racecourse plc (the "Company") is a Public Limited Company, domiciled and registered in England in the UK. The registered number is 00080774 and the registered address is The Racecourse, Newbury, Berkshire, RG14 7NZ.
2. ACCOUNTING POLICIES
2.1 Basis of preparation of financial statements
The Group and Company financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, "the Financial Reporting Standard applicable in the UK and the Republic of Ireland" (FRS 102) and the Companies Act 2006.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.
The Parent Company is included in the consolidated financial statements and is considered to be a qualifying entity under FRS 102 paragraphs 1.8 to 1.12. The following exemptions available under FRS 102 in respect of certain disclosures for the Parent Company financial statements have been applied:
· No separate Parent Company Cash Flow Statement with related notes is included.
The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements. Judgements made by the directors, in the application of these accounting policies that have significant effect on the financial statements are discussed in the notes.
2.2 Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and its subsidiaries Newbury Racecourse Enterprises Limited and Newbury Racecourse Management Limited.
2.3 Going concern
The Group and Company were, as in the prior year, cash flow positive at the operating level and has continued to invest in its fixed asset infrastructure. The cash position and trading during 2025 meant that the Company recommends a final dividend to shareholders and, as at the balance sheet date, was free of debt. The Board has undertaken a full, thorough and continual review of the Group's forecasts and associated risks and sensitivities, over, not less than, the next twelve months. The extent of this review reflects the current economic climate as well as the specific financial circumstances of the Group.
The Board identified that the Group's cash flow forecasts are most sensitive to fluctuating revenue streams from ticket sales, corporate hospitality, conference and event income. A system of regular reviews of the forecasted business has been implemented to ensure all variable costs are flexed to match anticipated revenues. In addition, a number of race meetings have been insured for adverse weather conditions (and other factors such as animal disease and national mourning), reducing the levels of risk carried by the Group.
The Board has reviewed the Company's and Group's cash flow and working capital requirements in detail. Following this review, the Board has concluded that it has reasonable expectation that the Group has adequate resources in place to continue in operational existence for the foreseeable future and has not identified a material uncertainty in this regard. On this basis the going concern basis has been adopted in preparing the financial statements.
2.4 Revenue recognition
Services rendered, raceday income including admissions, catering arrangement & hospitality revenues, sponsorship and media related licence fee income is recognised on the relevant raceday. Income from the arrangement with outsourced caterers, and other activities where the Company is considered the agent rather than the principal, is recognised at the agreed share rate on profits or losses generated from such operation. Annual membership income and box rental is recognised over the period to which they relate.
Other income streams are also recognised over the period to which they relate, for example, conference income is recognised on the day of the conference, the Lodge Hotel income is recognised over the duration of the guests stay and nursery income is recognised as the child attends the nursery.
Notes to the Financial Statements
Year ended 31 December 2025
2.4 Revenue recognition (continued)
All income relating to prizemoney such as HBLB grants and Owner's entry stakes are allocated as revenue.
Sale of goods: revenue is recognised for the sale of food and liquor when the transaction occurs.
Turnover is stated net of VAT (where applicable) and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
2.5 Other investments
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Group shares, whose market value cannot be reliably determined, are stated at historic cost less impairment.
2.6 Investment income
Dividends and other investment income receivable are included in the Profit and Loss Account inclusive of withholding tax but exclusive of other taxes.
2.7 Lease assets receivable
Lease assets receivable relates to freeholds that the Group has acquired from David Wilson Homes. The freeholds concerned relate to residential apartment buildings constructed as part of the overall residential development. Individual apartments in the development were sold by David Wilson Homes to purchasers under long term leases, typically of 125 years. Under the terms of their long-term leases, lessees are required to pay 'ground rent' to the freehold owner for the duration of their lease.
These are initially recognised at fair value which is calculated based on the net present value of future cashflows arising from the ground rents receivable over the lease term. This also represents the market value of the freehold agreed at the time of the underlying transaction. These amounts are included in the balance sheet as debtors less than and greater than one year. Ground rent receipts relating to the period, are applied against the net receivable balance. The amounts arising from the unwinding of discounted cashflows are included in interest receivable.
2.8 Tangible fixed assets
Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment.
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Freehold buildings and outdoor fixtures 2% - 5% straight line
Tractors and motor vehicles 5% - 10% straight line
Fixtures, fittings and equipment 2% - 25% straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated Profit and Loss Account.
Notes to the Financial Statements
Year ended 31 December 2025
2.9 Impairment of assets
Financial assets (including trade and other debtors)
A financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably.
An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset's original effective interest rate. For financial instruments measured at cost less impairment an impairment is calculated as the difference between its carrying amount and the best estimate of the amount that the Company would receive for the asset if it were to be sold at the reporting date. Interest on the impaired asset continues to be recognised through the unwinding of the discount. Impairment losses are recognised in profit or loss. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss.
2.10 Impairment of fixed assets
Assets that are subject to depreciation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have previously been impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
2.11 Stocks
Stocks are valued at the lower of cost and net realisable value. Provision is made for obsolete, slow moving or defective items where appropriate.
2.12 Repairs and renewals
Expenditure on repairs and renewals and costs of temporary facilities during construction works are written off against profits in the year in which they are incurred.
2.13 Cash and cash equivalents
Cash is represented by cash in hand and cash equivalents.
2.14 Short-term deposits
Short-term deposits at bank are placed for fixed periods at higher interest rates, are subject to an insignificant risk of changes in value and are readily convertible to known amounts of cash.
2.15 Provisions for liabilities
Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Consolidated Profit and Loss Account in the year that the Group becomes aware of the obligation and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
2.16 Dividends
Where dividends are declared, appropriately authorised (and hence no longer at the discretion of the Group) after the balance sheet date but before the relevant financial statements are authorised for issue, dividends are not recognised as a liability at the balance sheet date because they do not meet the criteria of a present obligation in FRS102.
Notes to the Financial Statements
Year ended 31 December 2025
2.17 Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss Account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.
Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. The following timing differences are not provided for: differences between accumulated depreciation and tax allowances for the cost of a fixed asset if and when all conditions for retaining the tax allowances have been met; and differences relating to investments in subsidiaries, to the extent that it is not probable that they will reverse in the foreseeable future and the reporting entity is able to control the reversal of the timing difference. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense.
Deferred tax is provided in respect of the additional tax that will be paid or avoided on differences between the amount at which an asset or liability is recognised in a business combination and the corresponding amount that can be deducted or assessed for tax.
Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date. For non-depreciable assets that are measured using the revaluation model, or investment property that is measured at fair value, deferred tax is provided at the rates and allowances applicable to the sale of the asset/property. Deferred tax balances are not discounted.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax assets and deferred tax liabilities are offset when the entity has a legally enforceable right to set off current tax assets against current tax liabilities, and when the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on the same taxable entity.
2.18 Grants
Capital grants received are accounted for as deferred grants on the Balance Sheet and credited to the Profit and Loss Account over the estimated economic lives of the asset to which they relate. Capital grants are in deferred capital grants on the Balance Sheet as the associated works have been performed and it is not in any way repayable.
2.19 Pensions
Defined contribution plans and other long term employee benefits
A defined contribution plan is a post-employment benefit plan under which the Company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit and loss account in the periods during which services are rendered by employees.
Defined benefit plans
A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The entity's net obligation in respect of defined benefit plans is calculated by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value. The fair value of any plan assets is deducted. The entity determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate as determined at the beginning of the annual period to the net defined benefit liability (asset) taking account of changes arising as a result of contributions and benefit payments.
Notes to the Financial Statements
Year ended 31 December 2025
2.19 Pensions (continued)
The discount rate is the yield at the balance sheet date on AA credit rated bonds denominated in the currency of, and having maturity dates approximating to the terms of the entity's obligations. A valuation is performed annually by a qualified actuary using the projected unit credit method. The entity recognises net defined benefit plan assets to the extent that it is able to recover the surplus either through reduced contributions in the future or through refunds from the plan.
Changes in the net defined benefit liability arising from employee service rendered during the period, net interest on net defined benefit liability, and the cost of plan introductions, benefit changes, curtailments and settlements during the period are recognised in profit or loss.
Remeasurement of the net defined benefit liability/asset is recognised in other comprehensive income in the period in which it occurs. A defined benefit pension surplus is recognised only to the extent that the entity has an economic right, by reference to the terms and conditions of the plan and relevant statutory requirements, to realise the asset over the course of the expected life of the plan or when the plan is settled.
2.20 Financial instruments
Trade and other debtors / creditors
Trade and other debtors are recognised initially at transaction price plus attributable transaction costs. Trade and other creditors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument.
Fair value measurement
Assets and liabilities that are measured at fair value are classified by level of fair value hierarchy as follows:
Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 - inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3 - inputs for the asset or liability that are not based on observable market data.
2.21 Exceptional items
The directors exercise their judgement in classification of certain items as exceptional and outside the Group's underlying results. The determination of whether items should be separately disclosed as an exceptional item or other adjustment requires judgement on its materiality, nature and incidence.
Notes to the Financial Statements
Year ended 31 December 2025
3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
In the application of the Group's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The following are the critical judgements and key sources of estimation uncertainty that the directors have made in the process of applying the Group's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.
Impairment of assets
Determining whether assets are impaired requires an estimation of the value in use of the cash generating units to which assets have been allocated. The value in use calculation requires the entity to estimate the future cash flows expected to arise from the cash generating unit and a suitable discount rate in order to calculate present value. The carrying amount of tangible fixed assets and investment property at the Balance Sheet date was
Residual values and useful economic lives
The Group's tangible fixed assets are reviewed, whenever there is a relevant change in circumstances or after relevant review, in order to assess whether the residual values and useful economic lives, based on management estimates, continue to be appropriate for calculating depreciation in the period. There was no change in residual values or useful economic lives during 2025.
4. PROFIT PER SHARE
Basic and diluted profit per share is calculated by dividing the profit attributable to ordinary shareholders for the year ended 31 December 2025 of
NOTES
The financial information set out above does not constitute the Company's statutory accounts for the years ended 31 December 2025 or 2024 but is derived from those accounts. Statutory accounts for 2024 have been delivered to the Registrar of Companies and those for 2025 will be delivered following the Company's annual general meeting.
The information included in this announcement is taken from the audited financial statements which are expected to be dispatched to the members shortly and will be available at www.newburyracecourse.co.uk. The audit report for the year ended 31 December 2025 and for the year ended 31 December 2024 was unqualified and did not include a reference to any matters to which the auditor drew attention by way of emphasis, without qualifying their report or qualified, including if the audit report contained a statement under section 498(2) (accounting records or returns inadequate or accounts or directors' remuneration report not agreeing with records and returns) or section 498(3) (failure to obtain necessary information and explanations).
This announcement is based on the Company's financial statements, which are prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland and with those parts of the Companies Act 2006 that are applicable to companies reporting under UK GAAP.
Neither an audit nor a review provides assurance on the maintenance and integrity of the website, including controls used to achieve this, and in particular whether any changes may have occurred to the financial information since first published. These matters are the responsibility of the directors, but no control procedures can provide absolute assurance in this area.
Legislation in the United Kingdom governing the preparation and dissemination of financial information differs from legislation in other jurisdictions.
This preliminary statement was approved by the Board of Directors on 6 May 2026
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