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Newbury Racecourse Plc (NYR)

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Monday 30 September, 2013

Newbury Racecourse Plc

Interim Results


                                                                               
30 September 2013

                            NEWBURY RACECOURSE PLC                             

                      ("the Racecourse" or "the Company")                      

              Interim Results for the 6 months ended 30 June 2013              

Newbury Racecourse plc, the racing, entertainment and events business, today
announces its half year results for the six months ended 30 June 2013.

Financial Highlights

  * Operating loss on ordinary activities £0.7m (2012: £1.4m loss)
   
  * Exceptional profits resulting from the redevelopment programme of £1.3m
    (2012: nil)
   
  * Profit Before Tax £0.8m (2012: loss £1.5m)
   
  * Profit After Tax £0.8m (2012: loss £1.2m)
   
  * Trading conditions remain tough with disappointing attendance figures
   
Property Development Highlights

  * Houses on sale from April with the first occupations in June 2013
   
  * Launch of track side apartments brought forward to September in response to
    very strong demand
   
  * 20 apartments reserved in the first 10 days from launch date
   
Operational Highlights

  * New long term sponsorship contracts agreed with Moet Hennessy, Dubai Duty
    Free and Bet 365 which will contribute towards underpinning prize money in
    future years
   
  * Increased media revenues from 1 April 2013 as a result of the new Turf TV
    contract
   
  * Premier Tier prize money agreement concluded with the Horsemen's Group
   
Dominic Burke, Chairman of Newbury Racecourse commented:

"The new media rights agreement with Turf TV will support revenues in the
longer term while the recent cost review exercise will deliver savings in the
second six months, with the full benefit in 2014. This will be offset by lower
attendance for the Ladies Day Party in the Paddock in August 2013 which has
reduced the profit contribution of this important event compared to the prior
year. On a positive note the development secures future cash flows underpinning
our confidence for the longer term."

For further information please contact:

Newbury Racecourse plc                      Tel: 01635 40015
Sarah Hordern (Joint Managing Director)

Hudson Sandler                              Tel: 020 7796 4133
Charlie Jack / Katie Matthews



Chairman's Statement

The economic environment for racing remained challenging during the period. The
half year profit after tax of £823,000 compared to a loss of £1.2m in 2012
reflects the impact of £1.3m of exceptional profits in the property business
relating to the recognition of the replacement car park in the centre of the
racecourse which forms part of the enabling works funded by David Wilson Homes
under the Development Agreement. In addition the exceptional operating costs
relating to the waiver of HBLB revenue grant were not repeated in 2013 (2012 £
692,000 cost).

The reduction in the underlying operating loss of £674,000 (2012: £716,000
loss) is the result of the enhanced media income from the new Turf TV contract
from 1 April 2013. This is offset by the impact of reduced revenues as a result
of the lack of the `Frankel factor' which drove the JLT Lockinge attendances in
2012, and the disappointing performance of the Party in the Paddock featuring
Rita Ora.

We are pleased to report that we have concluded a three year prize money
agreement with the Horseman's Group, effective from 1 January 2014, confirming
Newbury as a Premier Tier Racecourse. This reflects our commitment to quality
racing and will secure a number of benefits for the Company including on-going
access to certain industry funding, and the support of Horsemen for the race
programme.

The Board has undertaken a thorough review of the cost base and identified a
number of savings to drive the performance of the business. The impact of the
savings has been offset by associated redundancy costs in the first half of the
year; the full benefit of the review will be realised in 2014.

David Wilson Homes have made good progress on the residential elements of the
redevelopment with the new homes in the Western Area and the upgraded access
from Stroud Green providing a high quality benchmark for the remainder of the
development. The strength of demand for the trackside apartments has resulted
in the launch being brought forward to September 2013. We are delighted by the
substantial interest which has resulted in 20 reservations to date reflecting
the quality and desirability of the development at the Racecourse.

The Racecourse has had a successful management structure of joint Managing
Directors since 2008 which has managed and evolved our programme of racing and
associated facilities as well as facilitated the implementation of the
redevelopment and land sale strategy, enhancing shareholder value and securing
the long term future of the Racecourse. The Board believes that a more
traditional structure of a sole Chief Executive is best suited for the Company
as it moves to the next stage of implementing its strategy to redevelop the
Racecourse as a year round racing, entertainment and events business.
Accordingly we are currently undertaking a process to appoint a Chief
Executive.

Outlook

The new media rights agreement with Turf TV will support revenues in the longer
term while the recent cost review exercise will deliver savings in the second
six months, with the full benefit in 2014. This will be offset by lower
attendance for the Ladies Day Party in the Paddock in August 2013 which has
reduced the profit contribution of this important event compared to the prior
year.

The DWH contract secures future cash flows, underpinning our confidence for the
longer term. We remain committed to the redevelopment of the racecourse
operational and visitor areas in order to continue to deliver our strategy of
developing a leading racecourse, leisure and events business. The Board is
currently reviewing the options for these investments.


DOMINIC J BURKE
Chairman
26 September 2013



Operational and Financial Review

Turnover was up 2.6% in the first half with increased media revenues from the
new contract with Turf TV and an improved Conference and Event performance more
than offsetting the impact of reduced attendance for the JLT Lockinge meeting
which benefitted from Frankels appearance in 2012.

Cost of sales reverted to normal levels compared to 2012 which included an
exceptional operating cost in the form of the waiver of revenue grants from the
Horserace Betting Levy Board (2012: £692,000). Administrative expenses are in
line with 2012 in total, although salary costs have been reallocated from the
property business to the trading business following the completion of the
Development Agreement with David Wilson Homes (DWH) in September 2012. The
resulting operating loss was £0.7m (2012: loss of £1.4m).

Exceptional profits of £1.3m relate to the recognition of the replacement car
park in the centre of the racecourse which forms part of the enabling works
funded by David Wilson Homes under the Development Agreement. As a result the
Profit on ordinary activities after tax is £0.8m (2012: loss £1.2m), with net
assets increasing by £0.8m as a result.

The cash outflow for the period of £1.8m is primarily the result of the payment
of the second instalment of tax on the sale of the Western and Central sites to
DWH.

Racing

The quality of the racing in the first half reflects our commitment to prize
money. New initiatives to grow the customer base included the `New to Racing'
weekend in April, the food festival with The JLT Lockinge Stakes in May, and
the rebranded Hennessy Heritage Festival later in the year which will reflect
all that is historic and unique about this fantastic race meeting.

We are proud of our association with our sponsors, and are delighted to
announce new long term sponsorship agreements with Moet Hennessy, which
continues to be the longest commercial sponsor relationship in sport, Dubai
Duty Free and Bet 365, all until 2016, which will help underpin our prize money
ambitions.

The Party in the Paddock music events which have supported the business in
recent years have seen more difficult trading conditions reflecting trends
across the live music industry. Securing appropriate acts has been challenging,
with major festivals demanding exclusivity from acts, limiting choice for
smaller promoters such as the racecourse. We will review the options for these
events for 2014, but remain certain that there is a significant audience and
business opportunity for the right act.

Leisure, conference and events

We are pleased that our Conference and Events business has performed better in
the first 6 months with increased turnover, however lead times remain short and
we will continue to focus on driving this business through the development
period, and challenging economic background.

Whilst racing in the UK continues to operate in a challenging environment, and
the attendance for the Ladies Day Party in the Paddock in August was
disappointing the progress of the on going redevelopment programme that will
ensure the long term success of the Racecourse is encouraging.


SARAH HORDERN                                  STEPHEN HIGGINS
Joint Managing Director                        Joint Managing Director
(Property & Finance)                           (Racecourse & Events)
26 September 2013                              26 September 2013




Consolidated Profit and Loss Account

Six months ended 30 June 2013

                                 Un-      Un-      Un-      Un-      Un-      Un-
                             audited  audited  audited  audited  audited  audited
                            6 months 6 months 6 months 6 months 6 months 6 months
                            30/06/13 30/06/13 30/06/13 30/06/12 30/06/12 30/06/12
                               £'000    £'000    £'000    £'000    £'000    £'000
                       Note  Trading Property    Total  Trading Property    Total
                                                                                 
Turnover                  1    4,697       15    4,712    4,571       21    4,592
                                                                                 
Cost of sales                (4,213)        -  (4,213)  (4,812)     (14)  (4,826)
                                                                                 
Gross profit/(loss)       1      484       15      499    (241)        7    (234)
                                                                                 
Administrative               (1,109)     (64)  (1,173)    (992)    (182)  (1,174)
expenses                                                                         
                                                                                 
Operating loss                 (625)     (49)    (674)  (1,233)    (175)  (1,408)
before interest                                                                  
                                                                                 
Operating loss before     1    (625)     (49)    (674)    (541)    (175)    (716)
exceptional operating                                                            
items                                                                            
                                                                                 
HBLB revenue grant                 -        -        -    (692)        -    (692)
waived                                                                           
                                                                                 
                               (625)     (49)    (674)  (1,233)    (175)  (1,408)
                                                                                 
Exceptional Items         3        -    1,314    1,314        -        -        -
                                                                                 
Interest receivable                -        -        -        6        -        6
and other investment                                                                 
income                                                                           
                                                                                 
Interest payable and           (147)      271      124     (50)     (46)     (96)
similar charges                                                                  
                                                                                 
Profit/ (loss) on              (772)    1,536      764  (1,277)    (221)  (1,498)
ordinary activities                                                              
before taxation                                                                  
                                                                                 
Tax credit on loss                59        -       59      258        -      258
on ordinary activities                                                           
                                                                                 
Profit/(loss) on               (713)    1,536      823  (1,019)    (221)  (1,240)
ordinary activities                                                              
after taxation                                                                   
                                                                                 
Profit/(loss) per                                24.6p                    (25.9p)
share (basic and                                                                 
diluted)                                                                         

All amounts derive from continuing operations



Consolidated Statement of Total Recognised Gains and Losses

Six months ended 30 June 2013

                                                           Unaudited  Unaudited
                                                            6 months   6 months
                                                            30/06/13   30/06/12
                                                               £'000      £'000
                                                                               
Total recognised profits/                                        823    (1,240)
(losses) in the period                                                         
                                                                               


Consolidated Balance Sheet

Six months ended 30 June 2013

                                                  Unaudited Unaudited   Audited
                                                   6 months  6 months 12 months
                                                   30/06/13  30/06/12  31/12/12
                                             Note     £'000     £'000     £'000
                                                                               
Fixed assets                                                                   
                                                                               
Tangible assets                                 9    17,167    21,409    16,017
                                                                               
Investments                                             117       117       117
                                                                               
                                                     17,284    21,526    16,134
                                                                               
Current assets                                                                 
                                                                               
Stocks                                                  208       175       216
                                                                               
Debtors                                                                        
                                                                               
  * due within one year                               7,017     2,708     6,134
                                                                               
  * due in more than one year                        17,151       158    18,908
                                                                               
Cash at bank and in hand                                669       727     2,433
                                                                               
Cash Investment                                         121         -       121
                                                                               
                                                     25,166     3,768    27,812
                                                                               
Creditors: amounts falling due within               (4,034)   (3,351)   (7,021)
one year                                                                       
                                                                               
Net current assets                                   21,132       417    20,791
                                                                               
Total assets less current                            38,416    21,943    36,925
liabilities                                                                    
                                                                               
Creditors: amounts falling due after               (18,235)   (2,352)  (17,525)
more than one year                                                             
                                                                               
Provisions for liabilities                            (363)     (205)     (363)
                                                                               
Net assets before pension                            19,818    19,386    19,037
deficit                                                                        
                                                                               
Pension deficit                                       (324)     (201)     (310)
                                                                               
Net assets after pension                             19,494    19,185    18,727
deficit                                                                        
                                                                               
Accruals and deferred income                                                   
                                                                               
Deferred capital grants                               4,221     4,041     4,277
                                                                               
Capital and reserves                                                           
                                                                               
Called up share capital                        10       335       478       335
                                                                               
Share premium account                          11    10,202    10,202    10,202
                                                                               
Revaluation reserve                            11        75        75        75
                                                                               
Capital redemption reserve                     11       143         -       143
                                                                               
Profit and loss account                        11     4,518     4,389     3,695
                                                                               
Shareholders' funds                                  15,273    15,144    14,450
                                                                               
                                                     19,494    19,185    18,727
                                                                               

The unaudited half year financial report of Newbury Racecourse plc, company
registration 00080774, was approved by the board on 26 September 2013 and
signed on its behalf by:-

D J BURKE (Chairman)                        S HORDERN (Director)



Consolidated Cash Flow Statement

Six months ended 30 June 2013

                                                  Unaudited Unaudited   Audited
                                                   6 months  6 months 12 months
                                                   30/06/13  30/06/12  31/12/12
                                             Note     £'000     £'000     £'000
                                                                               
Net cash (outflow) from operating               1     (407)     (948)      (16)
activities                                                                     
                                                                               
Returns on investments and servicing of                                        
finance                                                                        
                                                                               
Interest received and other investment                   24         6         7
income                                                                         
                                                                               
Interest paid                                             -      (68)     (140)
                                                                               
Pension scheme contribution                               -      (50)      (50)
                                                                               
Net cash inflow/(outflow) from returns                   24     (112)     (183)
on Investments and servicing of finance                                        
                                                                               
Taxation                                                                       
                                                                               
UK Corporation tax paid                             (1,550)         -   (1,550)
                                                                               
UK corporation tax refund                                 -        56        56
received                                                                       
                                                                               
Total tax paid                                      (1,550)        56   (1,494)
                                                                               
Capital expenditure                                                            
                                                                               
Payments to acquire tangible                          (291)     (230)     (580)
fixed assets                                                                   
                                                                               
Receipt from sale of fixed                              185       623     5,723
assets                                                                         
                                                                               
Expenses from sale of fixed                           (218)         -     (339)
assets                                                                         
                                                                               
Receipts of HBLB capital                                  -       560       986
grant                                                                          
                                                                               
Net cash (outflow)/inflow from capital                (324)       953     5,790
expenditure                                                                    
                                                                               
Net cash (outflow)/inflow before                    (2,257)      (51)     4,097
financing                                                                      
                                                                               
Financing                                                                      
                                                                               
Share buy back                                            -         -   (6,459)
                                                                               
Share buy back expenses                                 (8)         -     (450)
                                                                               
Loan finance received                                   533       909     6,574
                                                                               
Loan repayment                                            -     (858)   (1,935)
                                                                               
Arrangement fees paid                                  (32)         -         -
                                                                               
Net cash flow from financing                            493        51   (2,270)
                                                                               
(Decrease)/increase in cash                         (1,764)         -     1,827
in the period                                                                  
                                                                               


Notes to the Consolidated Cash Flow Statement

Six months ended 30 June 2013

 1. Reconciliation of operating loss to net       Unaudited   Unaudited   Audited
    cash (outflow) from operating activities       6 months    6 months 12 months
                                                   30/06/13    30/06/12  31/12/12
                                                      £'000       £'000     £'000
                                                                                 
Operating loss                                        (674)      (1408)   (2,040)
                                                                                 
Depreciation charges                                    483         484       874
                                                                                 
Amortisation of capital                                (55)        (52)     (110)
grants                                                                           
                                                                                 
Impairment of fixed assets                                6           -     1,011
                                                                                 
(Profit)/loss on disposal of                              -         (6)         -
fixed assets                                                                     
                                                                                 
Decrease/(increase) in                                    8           5      (36)
stocks                                                                           
                                                                                 
Increase in debtors and prepayments                   (486)     (1,293)     (314)
                                                                                 
Increase in creditors and                               311       1,322       599
accruals                                                                         
                                                                                 
Net cash (outflow) from operating                     (407)       (948)      (16)
activities                                                                       
        
                                                                         
 2. Reconciliation of net cash flow to movement   Unaudited   Unaudited   Audited
    in net debt                                 6 months to 6 months to 12 months
                                                   30/06/13    30/06/12  31/12/12
                                                      £'000       £'000     £'000
                                                                                 
Decrease in cash in the                             (1,764)           -     1,827
period /year                                                                     
                                                                                 
Cash outflow from debt and                                -           -        32
lease financing                                                                  
                                                                                 
Inception of loans                                    (533)       (909)   (6,574)
                                                                                 
Loans repaid                                              -         858     1,903
                                                                                 
Change in net debt resulting                        (2,297)        (51)   (2,812)
from cash flows                                                                  
                                                                                 
Non cash movements                                    (177)        (16)      (33)
                                                                                 
Net debt at 1 January                               (4,480)     (1,635)   (1,635)
                                                                                 
Net debt at 30 June 2013 /                          (6,954)     (1,702)   (4,480)
31 December 2012                                                                 
              
                                                                   
 3. Analysis of change in                    At                                At
    net debt                              1 Jan                Non cash   30 June
                                           2013   Cash flow     changes      2013
                                          £'000       £'000       £'000     £'000
                                                                                 
Cash at bank and in hand                  2,554     (1,764)           -       790
                                                                                 
Debt due within one year                                                         
                                                                                 
  * loan                                      -           -           -         -
                                                                                 
Debt due after one year                                                          
                                                                                 
  * loan                                (7,034)       (533)       (177)   (7,744)
                                                                                 
  * loan arrangement fees                     -           -           -         -
                                                                                 
                                        (4,480)     (2,297)       (177)   (6,954)
                                                                                 

Notes to the Interim Financial Statements

Six months ended 30 June 2013

 1. BASIS OF PREPARATION
   
The accounts consolidate those of the company and its subsidiary and are
prepared on the basis of the accounting policies as stated in the previous
year's financial statements, in accordance with United Kingdom Generally
Accepted Accounting Practice.

The abridged results for the six months ended 30 June 2013 do not constitute
statutory accounts within the meaning of S434 of the Companies Act 2006. The
auditor's report on the accounts of Newbury Racecourse plc for the 12 months to
31 December 2012 was unqualified, did not draw attention to any matters by way
of emphasis and did not contain any statement under S498 (2) or (3) of the
Companies Act 2006 and has been delivered to the Registrar of Companies.

 2. GOING CONCERN
   
The Board has undertaken a full and thorough review of the Group's forecasts
and associated risks and sensitivities. The extent of this review reflects the
current uncertain economic climate as well as specific financial circumstances
of the Group.

The Board identified that the Group's cash flow forecasts are sensitive to
fluctuating revenue streams from ticket sales, corporate hospitality,
conference and event income and the timing of receipts and payments in respect
of the property redevelopment. A system of regular reviews of forecast business
and expected property receipts 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, reducing the levels
of risk carried by the Group.

The Board has reviewed the cash flow and working capital requirements in
detail.

Following this review the Board has concluded that it has a reasonable
expectation that the Group has adequate resources in place to continue in
operational existence for the foreseeable future and on that basis the going
concern basis has been adopted in preparing the financial statements.

 3. EXCEPTIONAL ITEMS
   
The exceptional profit of £1.31m is made up of the following;

Recognition of prepaid        £1.36m 
replacement assets                   
                                     
Write off capitalised        (£0.05m)
design fees                   
                                     
                              £1.31m 
                                     

 4. REVENUE RECOGNITION
   
Raceday income including licence fee income and sponsorship, is recognised on
the relevant raceday and membership income is recognised over the period of the
membership. Other income streams are also recognised over the period for which
they relate, for example, conference income is recognised on the day of the
conference, nursery income is recognised as the child attends the nursery; and
golf income is recognised on the day of play. Property receipts are recognised
in accordance the substance of the transaction being that of a disposal of
land. The minimum guaranteed sum, as set out in the agreement with David Wilson
Homes, is recognised at the point of sale, sums receivable in excess of the
minimum guarantee are only recognised once actually received.

 5. NON GAAP FINANCIAL INFORMATION
   
The consolidated profit and loss account includes measures which are not
accounting measures under UK GAAP which are used to access the financial
performance of the business. These non-GAAP measures are not considered a
substitute for, or superior to, the equivalent measures calculated and
presented in accordance with UK GAAP. These measures, which are termed
"non-GAAP" include the separation of property, in relation to the redevelopment
of the racecourse, from underlying trading activity.


Notes to the Interim Financial Statements

Six months ended 30 June 2013

 6. SEGMENTAL ANALYSIS
 
                                              Operating                                        
                                                (loss)/             (Loss)/               
                                     Gross       profit   Operating  profit               
                                   profit/       before Exceptional  before   *Net       
                      Turnover      (loss) exceptionals       Items     tax Assets       
2013                    £'000        £'000        £'000       £'000   £'000  £'000       
                                                                                  
Trading                 4,233          384        (725)           -   (872) 17,365
                                                                                  
Nursery                   407          122          122           -     122    (9)
                                                                                  
Golf                       57         (22)         (22)           -    (22)      -
                                                                                  
Total                   4,697          484        (625)           -   (772) 17,356
                                                                                  
Property                   15           15         (49)       1,314   1,536  2,138
                                                                                  
Total                   4,712          499        (674)       1,314     764 19,494
                                               
                                   
2012                                          Operating                           
                                                (loss)/             (Loss)/              
                                                 profit   Operating  profit      
                                     Gross       before Exceptional  before  **Net
                     Turnover       profit exceptionals       Items     tax Assets
                        £'000        £'000        £'000       £'000   £'000  £'000       
                                                                                  
Trading                 4,035        (398)        (698)       (692) (1,434) 14,350
                                                                                  
Nursery                   433          161          161           -     161     81
                                                                                  
Golf                      103          (4)          (4)           -     (4)    288
                                                                                  
Total                   4,571        (241)        (541)           - (1,277) 14,719
                                                                                  
Property**                 21            7        (175)           -   (221)  4,466
                                                                                  
Total                   4,592        (234)        (716)           - (1,498) 19,185
                                                                                  

* Net assets represents fixed assets less deferred income and term loans for
property, nursery and golf; all working capital is included within the
`Trading' segment. It excludes deferred capital grants.

 7. TAX ON LOSS ON ORDINARY ACTIVITIES
   
The tax on ordinary activities has been computed in accordance with the ASB
Statement on Interim Reports. This statement requires the company to apply the
estimated annual effective tax rate to the loss for the interim period and
recognise a tax credit only to the extent that the resulting tax asset is more
likely than not to reverse.

 8. LOSS PER SHARE
   
Basic profit per share of 24.6p is calculated by dividing the profit
attributable to ordinary shareholders for the period ended 30 June 2013 of £
823,000 (2012: £1,240,000 loss) by the weighted average number of ordinary
shares during the period of 3,348,326 (2012:4,776,500).



Notes to the Interim Financial Statements

Six months ended 30 June 2013

 9. TANGIBLE FIXED ASSETS
   
                                              Freehold                           
                                              land and                           
                                             buildings  Fixtures Tractors        
                                                   and  fittings      and        
                                               outdoor       and    motor        
                                              fixtures equipment vehicles   Total
GROUP                                            £'000     £'000    £'000   £'000
                                                                                 
Cost or valuation                                                                
                                                                                 
As at 1 January 2013                            22,521     5,146      243  27,910
                                                                                 
Additions                                        1,523       163        -   1,686
                                                                                 
Disposals                                         (47)         -        -    (47)
                                                                                 
As 30 June 2013                                 23,997     5,309      243  29,549
                                                                                 
Depreciation                                                                     
                                                                                 
At 1 January 2013                                8,217     3,495      181  11,893
                                                                                 
Charge for year                                    265       215        3     483
                                                                                 
Impairment                                           -         6        -       6
                                                                                 
Disposals                                            -         -        -       -
                                                                                 
At 30 June 2013                                  8,482     3,716      184  12,382
                                                                                 
Net book value at 30 June                       15,515     1,593       59  17,167
2013                                                                             
                                                                                 
Net book value at 31                            14,304     1,651       62  16,017
December 2012                                                                    
                                                                                 
The transitional rules set out in FRS 15 Tangible Assets have been applied on    
implementing FRS 15. Accordingly the book values at implementation have been     
retained. In 1959 a revaluation of part of the freehold land at £117,864 gave    
rise to an excess of £75,486 over its cost and this sum is included in the       
total value of this asset. The excess on revaluation is credited to the          
Revaluation Reserve. The net book value of freehold land and buildings           
determined by the historical cost convention is £15,440,000 (2012 £14,229,000).  
                                                                                 
The net book value of £17,167,000 includes the following amounts in respect of   
assets held under finance leases:                                                
                                                                                 
                                                            2013       2012
                                                           £'000      £'000
                                                                                 
Fixtures, fittings and                                        45         51
equipment                                                                        
                                                                                 
Finance lease depreciation for the period amounted                               
to £6,107 (2012: £6,107)                                                         

 10. SHARE CAPITAL
  
   
                                                             2013      2012          
                                                            £'000     £'000  
Authorised                                                                 
                                                                           
Ordinary shares of 10p each                                   600       600
                                                                           
Total                                                         600       600
                                                                           

                                                             2013      2012
                                                            £'000     £'000
Allotted and fully paid                                                    
                                                                           
Ordinary shares of 10p each                                   335       478
                                                                           
Total                                                         335       478
                                                                           

On 15 November 2012 the shareholders of the company passed a resolution to buy
back 1,428,174 Ordinary shares owned by GPG (UK) Holdings plc at 450 pence per
Ordinary share. The nominal value of the shares cancelled was £142,817, and the
total consideration paid for the shares was £6,426,783 before expenses. The
resulting number of Ordinary Shares was 3,348,326.

 11. COMBINED RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS AND STATEMENT OF
     MOVEMENT IN RESERVES
 

                                                                   Profit                
                                              Capital                 and                
                         Share      Share  redemption Revaluation    loss                
                       Capital    Premium     Reserve     reserve account   Total        
GROUP                    £'000      £'000       £'000       £'000   £'000   £'000        
                                                                             
At 1 January 2012          478     10,202           -          75   5,629  16,384
                                                                             
Profit for the               -          -           -           -   5,083   5,083
year to 31                                                                   
December 2012                                                                
                                                                             
Share buy back           (143)          -         143           - (6,457) (6,457)
                                                                             
Share buy back               -          -           -           -   (450)   (450)
expenses                                                                     
                                                                             
Actuarial gain                                                               
net of                                                                       
associated                   -          -           -           -   (110)   (110)
deferred tax                                                                   
                                                                             
At 31 December             335     10,202         143          75   3,695  14,450
2012                                                                         
                                                                             
Profit for the                                                               
period to                                                                    
                                                                             
30 June 2013                 -          -           -           -     823     823
                                                                             
Actuarial loss                                                               
net of                                                                       
associated                   -          -           -           -       -       -
deferred tax                                                                 
                                                                             
At 30 June                 335     10,202         143          75   4,518  15,273
2013                                                                         

 12. RETIREMENT BENEFIT OBLIGATIONS
   
The defined benefit obligation at 30 June 2013 has not been restated from the
figures recorded at 31 December 2012 as in the Directors' opinion there have
not been any significant fluctuations in the key assumptions.


Notes

The interim financial statements do not constitute statutory financial
statements within the meaning of Section 435 of the Companies Act 2006. The
financial information for the year ended 31 December 2012 has been extracted
from the statutory accounts for the year then ended which have been filed with
the Registrar of Companies. The audit report on these accounts was unqualified
and did not contain any statements under Section 498 (2) or (3) Companies Act
2006.

Legislation in the United Kingdom governing the preparation and dissemination
of financial information differs from legislation in other jurisdictions.

The directors of Newbury Racecourse plc accept responsibility for the content
of this announcement.

30 September 2013

Newbury Racecourse PLC

a d v e r t i s e m e n t