sport

Jockey Club announces record profits

The Jockey Club have announced record turnover, operating profits and contribution to prize-money in their annual review for 2013.

Last year marked the fifth consecutive year of record group turnover, which increased 11% to 166.9 million while operating profits grew by the same amount to 22 million.

The group also contributed 18.24 million towards prize-money in 2013 with the total on offer at Jockey Club Racecourses totalling 41.6 million.

Group chief executive Simon Bazalgette said in the report: "I am delighted to report we grew our turnover as a Group in 2013. We also increased operating profits year on-year by 11 percent to a record 22 million.

"This performance not only exceeded UK economic growth of 1.9 percent in 2013, but also bettered the 8% turnover and 3% operating profit growth we were able to deliver in 2012.

"This was the fifth consecutive year of business growth for the Group with our racing festivals, media incomes and 'racing plus music' events continuing to be particularly important."

The Jockey Club are investing heavily in a 45 million redevelopment of Cheltenham Racecourse, which is being partly funded by a retail bond which raised nearly 25 million last year.