DJ Newbury Racecourse Plc Preliminary Results for the year ended 31 December 2011
TIDMNYR
30 March 2012
NEWBURY RACECOURSE PLC
("the Racecourse" or "the Company")
Preliminary Results for the year ended 31 December 2011
Newbury Racecourse plc, the racing, leisure and events business, today
announces its preliminary results for the year ended 31 December 2011.
Financial Highlights
- Turnover increased up 5.3% to GBP12.6m (2010: GBP11.9m)
- Depreciation of GBP1.0m (2010: GBP1.0m)
- Racing leisure and events trading business PBIT (profit before
interest and tax) excluding exceptional items GBP160,000 (2010: GBP43,000)
- Property redevelopment division loss before interest and tax
GBP0.4m excluding exceptional items (2010: 0.6m)
- Total operating loss GBP0.1m (2010: loss of GBP0.3m, excluding
exceptional items)
Operational Highlights
- Hosted 29 (2010: 31) well attended racing fixtures including the
highly successful Hennessy Gold Cup
- Winners of `ROA Racecourse of the Year' for the 7th time in 8
years
- Strong performance from hospitality division reflecting
successful ongoing refurbishment programme
- The first Newbury LIVE event on a non race day achieved
attendance of 15,000 with Rod Stewart performing. Continued success with
` Party in the Paddock' with Tom Jones playing to 22,000 racegoers
Property Development Highlights
The significant redevelopment of the Racecourse continued to
progress well:
- Reserved matters planning application for Central Area received consent from
West Berkshire Council in November. The area includes a 123 bedroom hotel, a
new children's nursery, a new hostel, refurbished stables, and 366 one, two
and three-bedroom apartments
- Reserved matter planning application for Western Area received
consent from West Berkshire Council in September, the area comprises 421 new
homes
Dominic Burke, Chairman of Newbury Racecourse, commented:
"We are pleased to report on another year of well attended high
quality racing. We have continued to demonstrate our commitment to the
Racecourse's acclaimed race programme and prize money, whilst developing our
facilities and events for race goers. At the same time we have made important
steps forward with the long term future of the Racecourse with good progress
being made with the property redevelopment programme."
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
2011 was a year of change and challenges for the racing industry. However in
this, my maiden preliminary statement as Chairman, I am encouraged to announce
a year of good progress for both the Trading and Property divisions of the
Racecourse.
Our core racing operations traded profitably and continued to deliver high
quality Flat and National Hunt racing against a backdrop of considerable
funding pressure. Revenues received from the Horseracing Betting Levy Board
came under further pressure with receipts down nearly 40% on those received in
2008. Nevertheless, our determination to protect Newbury's racing programme
ensured we remained focused on sustaining prize money levels without
downgrading our high quality programme. We support the ongoing discussions to
agree a more appropriate levy or replacement funding structure to capture
important existing revenues. We also welcome the government's decision to tax
off shore betting operators. However all sections of the racing industry must
complement this progress by ensuring a workable structure for the industry
that is viable for all parties and assists the development and protection of
UK racing.
Our contribution to British racing was furthered with the Racecourse's
involvement as shareholders in the British Champion Series and the part the
successful JLT Lockinge Stakes played in promoting it and UK racing to a new
and wider audience both at home and abroad.
Our strategy of developing the Racecourse facilities for racegoers helped
ensure that racing revenues remained resilient in the face of a difficult
economic climate; however this climate continues to present challenges for the
conference and events business.
The redevelopment of the Racecourse made important progress during the year
and we were pleased to receive Reserved Matters Planning Permission for the
first two phases of the residential development. The programme remains a key
initiative for the long term success of the Racecourse and we believe the
quality of the housing designs that Glenn Howells Architects have produced
ensure that the development will wholly compliment the Racecourse, its setting
and heritage. Our commitment to this strategic long term project resulted in
an overall loss for the Company in line with the Boards expectations. In light
of the continued investment this project requires and the ongoing uncertainty
in the racing industry, the Board does not consider it appropriate to pay a
dividend for 2011.
On behalf of the Board I would like to thank Sarah Hordern and Stephen Higgins
together with all of the staff at the Racecourse for their hard work, which in
addition to the ongoing support from our sponsors made 2011 a year of real
progress for the Racecourse.
Whilst the trading environment remains challenging, we look forward to another
year of first class racing and the continued redevelopment of the racecourse
and its facilities.
DOMINIC J BURKE
Chairman
29 March 2012
OPERATIONAL AND FINANCIAL REVIEW
Financial Overview
2011 oversaw a number of positive developments for the Racecourse. The
existing racing, leisure and events operations and the ongoing redevelopment
programme made strong progress and achieved important milestones. To provide
greater clarity it has been decided to present the performance of the racing,
leisure and events business ("trading") and the property redevelopment
activities ("property") separately within the overall Group accounts.
Trading turnover increased by 5.5% to GBP12.5m (2010: GBP11.8m) assisted by the
successful launch of the Newbury LIVE concert format. Increased like for like
income from hospitality and public catering sales, sponsorship and associated
media rights more than offset the Racecourse hosting one less Party in the
Paddock event, and two less leasehold racing fixtures than 2010 and lead to a
2% increase in earnings contribution from racing activities prior to overhead.
The combined effect of these developments was an increase in trading PBIT to
GBP160,000 (2010: GBP43,000 pre an exceptional gain relating to a rates refund).
The property Group incurred costs of GBP351,000 (2010: GBP390,000) associated with
the ongoing redevelopment of the Racecourse, its facilities and property
assets. These costs were in line with the Boards expectations and reflect the
continued progress of the project. Accordingly overall the Company made a loss
before interest of GBP0.2m.
Racing
2011 was another year of successful high quality racing at Newbury and the
Racecourse continued to host a top class programme. Highlights included
Frankel continuing his unbeaten run in the Greenham Stakes, Canford Cliffs
achieving an authoritative victory in the JLT Lockinge Stakes, and an
emotional win for Carruthers in the Hennessy Gold Cup. Newbury's commitment to
protecting its race programme continued with our significant executive
contribution of GBP1.1m or GBP38,000 per fixture to support prize money.
For the seventh time in eight years the Racehorse Owners Association named
Newbury `Racecourse of the year'.
Hospitality
During the year we refurbished a number of public catering facilities which
improved race goer experience, reduced the cost of temporary facilities, and
led to a 7.3% uplift in like for like spend on drinks. This combined with the
income from corporate hospitality significantly improved our margins.
Leisure, conference and events
As part of our stated strategy of making the Racecourse a year round leisure
and events destination, we were delighted with the successful launch of the
Newbury LIVE concert format that saw Rod Stewart perform in front of an
audience of 15,000 on a non-race day.
The Racecourse also hosted Tom Jones at a Party in the Paddock event on the
CGA Ladies Day with 22,000 attendees and The Wanted on 21st May both playing
an important role in supporting gate and catering revenues. We are pleased to
have proved that the Racecourse can be a successful concert venue but we will
continue to be selective with the right acts required to drive revenue and
profitability.
Market conditions remained challenging for the conference and events division,
as it witnessed continued pressure on margins. A review of the division led us
to concentrate on higher margin events; this resulted in a decrease in
turnover of 22% and a 10% reduction in contribution. We believe we now have
the right strategy to rebuild the business, its revenues and contribution in
the coming year.
Property redevelopment
The redevelopment programme has progressed well with West Berkshire Council
granting Reserved Matters Planning Approval of the Western residential area in
September, this area contains the first of three proposed tranches of new
homes at the Racecourse. This first tranche comprises 294 homes for private
sale and 127 for affordable housing.
This was followed in November with approval for the Central residential area.
It consists of 366 one, two and three-bedroom contemporary designed apartments
with impressive views across the Racecourse. Also included in the Central area
is a 123-bedroom Hotel, stable refurbishment, stable staff accommodation, a
new Rocking Horse children's nursery, all designed to reflect the heritage of
the Racecourse and complement the architecture of the existing grandstands.
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The focus of residential architects Glenn Howells has been to produce a unique
environment for residents. Set in the spacious racecourse surroundings and
with the backdrop of stunning countryside views, the apartments will offer, in
addition to the regular racing, a nursery and a health club, onsite rail
capable of reaching London in little over an hour. Residents will also benefit
from the significant recent development of local retail areas in and around
Newbury.
We anticipate our development partners starting building work during 2012,
initially with the bridge, the Western residential area, and the car park in
the centre of the Racecourse. Works to the operational areas of the Racecourse
will form a second phase expected during 2013. We will be working closely with
our development partners to ensure that the impact of the building works to
race goers, conference and events clients, and local residents is minimised.
Current trading and outlook
We were disappointed to lose the Betfair Super Saturday in February due to
snow. The replacement fixture, staged at very short notice with generous
support from Betfair, HBLB, the BHA and Channel Four was a great success
drawing a crowd of 12,500 following the decision to allow free entry. We do
not anticipate any adverse financial impact due to the original meeting being
insured.
We will continue to leverage the success of our retail refurbishment programme
and remain focused on rebuilding the conference and events business revenues
and margins. The long term redevelopment of the Racecourse remains on schedule
and we look forward to announcing updates over the coming months.
As with the wider racing industry trading conditions remain challenging,
nevertheless we remain confident of protecting our high quality racing
programme and delivering further progress with the redevelopment programme
that will ensure the long term success of the Racecourse as a year round
racing leisure and events business.
STEPHEN HIGGINS SARAH HORDERN
Managing Director Managing Director
(Racecourse & Events) (Property & Finance)
Sponsors in the year to 31 December 2011
We would like to thank our leading sponsors for their significant support in 2011
Dubai Duty Free
JLT
Moët Hennessy UK
Worthington's
sportingbet.com
Shadwell
Weatherbys
Country Gentlemens Association
totepool
Aon Limited
Greatwood
We also received much appreciated support from the following sponsors
AJC Premier
Arkell's Brewery Ltd
Asset Land Inc
Axminster Carpets Ltd
Ballymacoll Stud
Bathwick Tyres
Berry Bros & Rudd
Berkshire County Blind Society
Betfair
Betfred
Bettor.com
Bewiser Insurance
Blackmore Building Contractors Ltd
Bloomsbury Auctions
Blue Square
British European Breeders Fund
Broadbase UK
Buffalo Pictures Ltd
Burges Salmon LLP
Centrepoint
Chris Beek Racing
Christal Construction Management Ltd
Christopher Smith Associates LLP
Crossland Solicitors
Compton Beauchamp Estates Ltd
Coln Valley Stud
Collingwood First Class Services
Coolmation Ltd
CSP
Denford Stud
Emma Lavelle Racing Ltd
Elle Security
Erik Penser Bank
Event Bar Management
First Great Western
Fuller Smith & Turner PLC
Geoff Banks Independent Bookmaker
Grundon
Guinness Peat Group PLC
Haynes Hanson & Clark
HBLB
Heatherwold Stud
Highclere Thoroughbred Racing
Hildon
Inkerman
KKA
Kentford Racing
M & C Carpets Co Ltd
M.C Seafoods
NewVoiceMedia
Oakley Coachbuilders
Oracle Cancer Trust
Pashmina UK
Pertemps Group
Powersolve Electronics
Pump Technology Ltd
Punter Southall
Q Associates Ltd
Queensland House
Racecourse & Covertside
Racing UK
Relyon Cleaning Services
Ridgeway Group
Rutland Arms Antique Centre
Sanderson Weatherall LLP
Spinal Injuries Association
Smith & Williamson
Scope
Shredding for Bedding
Swettenham Stud
Trailfinders
Thoroughbred Breeders Association
totesport
Ultima Checkpoint
UK Hygiene
Vodafone Group PLC
Wedgewood Estates
West Berkshire Mencap
West Berkshire Racing Club
Wise Catering
Zenergi
Consolidated Profit and Loss Account
Year ended 31 December 2011
*As *As
restated restated
2011 2011 2011 2010 2010 2010
Trading *Property Total Trading *Property Total
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Turnover 1 12,499 57 12,556 11,851 76 11,927
Cost of Sales (10,285) (107) (10,392) (9,315) (34) (9,349)
Gross profit 1 2,214 (50) 2,164 2,536 42 2,578
Administrative expenses (2,054) (301) (2,355) (2,530) (432) (2,962)
Other operating income - - - 343 - 343
Operating profit 160 (351) (191) 349 (390) (41)
/(loss)
Operating profit/(loss)
before exceptional
items 1 160 (270) (110) 43 (390) (347)
Exceptional operating
income
Rates rebate 2 - - - 306 - 306
Exceptional operating
expenses
Asset Impairment 2 - (81) (81) - - -
160 (351) (191) 349 (390) (41)
Profit /(loss) on
ordinary activities 160 (351) (191) 349 (390) (41)
before interest
Interest payable and
similar charges (82) (97) (179) (136) (226) (362)
Profit /(loss) on
ordinary activities 78 (448) (370) 213 (616) (403)
before taxation
Tax charge 3 (7) - (7) (94) - (94)
Profit /(loss) on
ordinary activities
after taxation being
loss for the
financial year 71 (448) (377) 119 (616) (497)
(7.9p) (10.7p)
Loss per share (basic 4
and diluted)
All amounts derive from continuing operations
* Refer to note 1 for full details on the property segment and the restatement
of investment income classification.
Consolidated Statement of Total Recognised Gains and Losses
Year ended 31 December 2011
2011 2010
GBP'000 GBP'000
Loss for the financial year (377) (497)
Actuarial gain /(loss) relating to 165 (47)
pension scheme
Deferred tax on actuarial (gain)/ (45) 13
loss
Total recognised loss in the year (257) (531)
Consolidated Balance Sheet
Year ended 31 December 2011
2011 2010
Note GBP'000 GBP'000
Fixed Assets
Tangible assets 22,240 22,600
Investment 117 -
22,357 22,600
Current assets
Stocks 180 181
Debtors
- due within one year 1,309 1,621
- due in more than one year 132 75
Cash at bank and in hand 727 934
2,348 2,811
Creditors: amounts falling due within one year (4,333) (2,843)
Net current liabilities (1,985) (32)
Total assets less current liabilities 20,372 22,568
Creditors: amounts falling due after more than - (1,713)
one year
Provisions for liabilities (407) (393)
Net assets before pension deficit 19,965 20,462
Pension deficit (238) (388)
Net assets after pension deficit 19,727 20,074
Accruals and deferred income
Deferred capital grants 3,343 3,433
Capital and reserves
Called up share capital 5 478 478
Share premium account 10,202 10,202
Revaluation reserve 75 75
Profit and loss account 5,629 5,886
surplus
Shareholders' funds 16,384 16,641
19,727 20,074
The financial statements of Newbury Racecourse PLC, Company registration
00080774, were approved by the Board of Directors on 29 March 2012 and signed
on its behalf by:
D J BURKE (Chairman) S HORDERN (Director)
Company Balance Sheet
Year ended 31 December 2011
2011 2010
Note GBP'000 GBP'000
Fixed assets
Tangible assets 21,123 21,483
Investment 7,820 7,703
28,943 29,186
Current assets
Stocks 180 181
Debtors
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- due within one year 2,321 2,657
- due in more than one year 132 75
Cash at bank and in hand 712 919
3,345 3,832
Creditors: amounts falling due within (4,330) (2,843)
one year
Net current (985) 989
(liabilities)/assets
Total assets less current liabilities 27,958 30,175
Creditors: amounts falling due after more than (7,500) (9,213)
one year
Provisions for liabilities (407) (393)
Net assets before pension deficit 20,051 20,569
Pension deficit (238) (388)
Net assets after pension deficit 19,813 20,181
Accruals and deferred income
Deferred capital grants 3,343 3,433
Capital and reserves
Called up share capital 5 478 478
Share premium account 10,202 10,202
Revaluation reserve 75 75
Other reserve 198 198
Profit and loss account 5,517 5,795
surplus
Shareholders' funds 16,470 16,748
19,813 20,181
The financial statements of Newbury Racecourse PLC, Company registration
00080774, were approved by the Board of Directors on 29 March 2012 and signed
on its behalf by:
D J BURKE (Chairman) S HORDERN (Director)
Consolidated Cash Flow Statement
Year ended 31 December 2011
*As *As
restated restated
2011 2011 2010 2010
Note GBP'000 GBP'000 GBP'000 GBP'000
Net cash inflow from operating 1 280 902
activities
Returns on investments and servicing of
finance
Interest received and other investment - 76
income
Interest paid (145) (202)
Pension scheme contribution (50) -
Net cash outflow from returns on (195) (126)
investments and servicing of finance
Capital expenditure
Payments to acquire tangible fixed (751) (409)
assets
Receipts from sale of fixed assets - 4
Net cash outflow from capital (751) (405)
expenditure
Net cash (outflow)/inflow before (666) 371
financing
Financing
Issue of ordinary share - 160
capital
Proceeds of rights Issue - 6,209
Expenses of rights issue - (464)
Loan finance received 634 859
Loan repayment (153) (6,587)
Capital element of finance lease (22) (62)
rental payments
Net cash inflow from financing 459 115
(Decrease)/Increase in cash in the (207) 486
year
*Refer to note 1 for details of the restatement of
investment income classification.
Notes to the Consolidated Cash Flow Statement
Year ended 31 December 2011
1. Reconciliation of operating loss to net cash inflow from 2011 2010
operating activities GBP'000 GBP'000
Operating loss (191) (41)
Depreciation charges 947 947
Amortisation of capital
grants (90) (90)
Impairment of fixed asset 81 -
Loss on disposal of fixed 15
assets
Decrease /(Increase) in 1 (17)
stock
Decrease /(Increase) in debtors and 255 (88)
prepayments
(Decrease)/Increase in creditors and
accruals (738) 191
Net cash inflow from operating 280 902
activities
2011 2010
2. Reconciliation of net cash flow to movement in net debt GBP'000 GBP'000
(Decrease)/Increase in cash in the year (207) 486
Cash outflow from debt and lease financing 22 62
Inception of loans (634) (859)
Loans repaid 153 6,587
Change in net debt resulting from cash flows (666) 6,276
Non cash movements (4) (107)
Net debt at 1 January (965) (7,134)
Net debt at 31 December (1,635) (965)
At 1 Jan Non cash At 31 Dec
2011 Cash flow changes 2011
3. Analysis of change in net debt GBP'000 GBP'000 GBP'000 GBP'000
Cash at bank and in hand 934 (207) - 727
Debt due within one year
- loan (153) (481) (1,729) (2,363)
- finance lease (32) 22 10 -
Debt due after one year
- loan (1,729) - 1,729 -
- loan arrangement fees 15 - (14) 1
(965) (666) (4) (1,635)
Notes to the Financial Statements
Year ended 31 December 2011
1. TURNOVER
Trading turnover, which arises solely in the United Kingdom,
represents admissions to the racecourse, catering, hospitality sales,
sponsorship, media rights licence fees, annual membership fees and all income
from the provision of services for race meetings, net of value added tax where
applicable. It also includes income from conference and events (shown in
racecourse trading), the golf club and fees for the Rocking Horse Nursery net
of value added tax where applicable. Property turnover includes rental income
from residential properties and freehold land.
Segmental Analysis
2011
Operating Profit/ Profit/
(loss) before (loss)
Exceptional items Exceptional before *** Net
Turnover Gross Profit items Tax Assets
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Racecourse 11,514 1,954 (100) - (182) 14,269
trading
Nursery 767 221 221 - 221 88
Golf 218 39 39 - 39 288
Total trading 12,499 2,214 160 - 78 14,645
Property 57 (50) (270) (81) (448) 5,082
Total 12,556 2,164 (110) (81) (370) 19,727
2010
Operating Profit/
(loss) Profit/
before (loss)
Gross Exceptional Exceptional before *** Net
*Turnover Profit items items Tax Assets
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP`000
Racecourse trading 10,921 2,323 (170) 306 - 14,562
Nursery 737 213 213 - 213 110
Golf 193 - - - - 308
Total trading 11,851 2,536 43 306 213 14,980
Property ** 76 42 (390) - (616) 5,094
Total 11,927 2,578 (347) 306 (403) 20,074
* Income from RMS which had previously been classified as interest receivable and other
investment income has been re-classified as media income. The comparatives have been
restated to reflect the underlying clarification of the substance of this income. The
impact of this is an increase in revenue and decrease in other investment income of
GBP40,000 in 2011 (2010: GBP83,000)
**The Directors have taken the view that in order to clarify the performance of the
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underlying trading activity as compared to the property activity in light of the
forthcoming redevelopment, these two segments of the business should be shown separately
on the face of the profit and loss account as additional non-GAAP measures. The
prior year figures have been restated to allow for adequate comparison.
*** Net assets represents fixed assets less deferred income and term loans for property,
nursery and golf; all working capital is included within the `Racecourse Trading' segment.
It excludes deferred capital grants.
Notes to the Financial Statements
Year ended 31 December 2011
2. EXCEPTIONAL ITEMS
2011 2010
GBP'000 GBP'000
Operating income
Rates rebate - 306
Operating expenses
Asset Impairment (81) -
Total (81) 306
Operating expenses - Asset impairment (2011)
At the balance sheet date the Company had accepted an
offer, subject to contract, for the sale of a property
which will result in a shortfall to net book value.
Operating income - Rates rebate (2010)
The company successfully appealed against the rateable
value of the racecourse and a rates rebate was
received for the years 1995 to 2009
3. TAXATION
2011 2010
GBP'000 GBP'000
Charge for the year - -
Total current tax - -
Deferred taxation:
Origination and reversal of timing differences 90 150
Effect of change in rate (29) (10)
Adjustment in respect of prior (47) (38)
years
14 102
Deferred tax on interest charge on pension scheme (7) (8)
Tax charge 7 94
The actual tax charge for the current and previous year differs from the
effective rate (26.5%, 2010: 28%) for the reasons set out in the following
reconciliation.
2011 2010
GBP'000 GBP'000
Loss on ordinary activities (370) (403)
before tax
Tax on loss on ordinary activities at (98) (113)
the standard rate
Income not chargeable for (34) (48)
tax purposes
Expenses not deductible for 221 318
tax purposes
Depreciation in excess of (17) 91
capital allowances
Utilisation of tax losses (72) (248)
Total actual amount of - -
current tax
Deferred tax has not been provided on revaluations of fixed
assets (see note 10). This tax will only become payable if the
assets are sold and rollover relief is not obtained. The
estimated amount of tax that would become payable in these
circumstances is GBP18,872 (2010: GBP20,381).
4. LOSS PER SHARE
Basic loss per share is calculated by dividing the
loss attributable to ordinary shareholders for the
year ended 31 December 2011 of GBP377,000 (2010:
GBP497,000) by the weighted average number of ordinary
shares during the year of 4,776,500 (2010: 4,648,909).
5. SHARE CAPITAL
2011 2010
GBP'000 GBP'000
Authorised
Ordinary shares at 10p each 600 400
Additions - ordinary shares at 10p - 200
Total 600 600
2011 2010
Allotted and fully paid GBP'000 GBP'000
Ordinary shares of 10p each 478 318
Rights issue ordinary shares of 10p each - 160
Total 478 478
In February 2010 the Company issued 1,592,167 new shares at
400 pence per share on the basis of 1 new share for every 2
existing shares to raise GBP5.7 million (net of expenses).
Total number of allotted ordinary shares post rights issue
is 4,776,500
6. POST BALANCE SHEET EVENTS & GOING CONCERN
The Board has reviewed the cash flow and working
capital requirements in detail. Subsequent to the
balance sheet date a new facility was signed extending
the current revolving credit facilities to December
2013. As a result GBP2.2m of the AIB loans at 31
December 2011 will not be due for repayment until 31
December 2013. Net current liabilities will reduce by
GBP2.2m; this would represent net current assets of
GBP0.2m as at the balance sheet date. The facilities
from AIB total GBP5.5m.
The ongoing property operating costs have been
included in the going concern assessment and no
assumptions have been made as to the receipt of funds
from the property development.
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.
Notes
The financial information set out above does not
constitute the company's statutory accounts for the
years ended 31 December 2010 or 2011, but is derived
from those accounts. Statutory accounts for 2010 have
been delivered to the Registrar of Companies and those
for 2011 will be delivered following the company's
annual general meeting. The auditors have reported on
those accounts; their reports were unqualified, did
not draw attention to any matters by way of emphasis
without qualifying their report and did not contain
statements under s498(2) or (3) Companies Act 2006.
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.newbury-racecourse.co.uk.
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.
END
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