Despite economic challenges, Newcastle Racecourse has seen a remarkable surge in profits, attributed to increased spectator numbers.
- The racecourse, operated by High Gosforth Park Ltd, recorded a significant rise in turnover from £20.3m to £22.2m in 2023.
- Operating profit for the venue leaped from £478,069 to £1.97m, as reported in the latest accounts.
- Staff numbers have increased from 30 to 37 permanent employees, highlighting growth amidst resumed racing post-pandemic.
- Directors remain optimistic yet cautious, acknowledging reliance on factors like disposable income and weather conditions.
Newcastle Racecourse has witnessed an extraordinary quadrupling of its profits, a feat achieved despite ongoing cost-of-living pressures. The venue saw a substantial increase in spectator attendance, driving its turnover from £20.3 million in 2022 to £22.2 million in 2023. High Gosforth Park Ltd, the entity behind the racecourse, noted this financial upturn in its recent accounts.
A remarkable rise in operating profit was reported, escalating from £478,069 to £1.97 million. This growth is attributed to the return of spectators following the easing of pandemic restrictions and the reinstatement of a regular racing calendar. In 2023, the racecourse hosted 74 meetings, compared to 68 in the prior year.
The racecourse, part of Arc Racing and Leisure Group and ultimately owned by the Reuben Brothers, highlighted the importance of spectators’ disposable incomes and favourable weather conditions in contributing to its success. The directors have expressed optimism for the future, yet acknowledge potential challenges posed by economic fluctuations.
Reflecting its growth, the racecourse increased its permanent workforce from 30 to 37. Although casual staff are employed on race days, they are not counted within the permanent employee figures. This expansion indicates an investment in sustaining its operations and improving service quality.
The directors have indicated that while challenges persisted in areas like food and fuel prices, careful budget management and strategic planning have supported their financial resilience. Essential investments were made in fixed assets, with a vigilant approach to expenditure beyond obligatory projects.
Newcastle Racecourse’s robust financial performance showcases its resilience and strategic management amid economic uncertainties.
