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Newbury Racecourse posts loss as pandemic hits racing industry

By BFN News | 09:09 AM | Friday 18 September, 2020


Racing and events business Newbury Racecourse posted a first-half loss after its revenue slumped in the wake of the Covid-19 crisis. Pre-tax losses for the six months through June amounted to £1.69m, compared to losses of £0.36m. Revenue dropped 68% to £2.45m. Newbury Racecourse ceased all of it's racing, hotel and events trading on 17 March in line with government lockdowns. Racing subsequently resumed behind closed doors on 11 June and three racedays were held in that fashion in the first half, bringing the total number of racedays for the reported period to six, down from 11 on-year. Chairman Dominic Burke said the current situation, due to the Covid-19 pandemic, was very challenging and continually changing. 'We have implemented a number of positive actions to mitigate against the revenue shortfall created by the forced closure of trading activities since the March lockdown,' Burke said. 'Despite this we still expect to suffer significant losses and a depletion of our cash resources through 2020 and into the future whilst we continue to be impacted by the pandemic.' 'We remain confident that the actions taken, some very difficult, will protect the business.' Story provided by StockMarketWire.com

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