DJ Newbury Racecourse Plc AGM Statement

 
TIDMNYR 
 
21 May 2012 
 
                            NEWBURY RACECOURSE PLC 
 
                      ("the Racecourse" or "the Company") 
 
                                 AGM Statement 
 
At the Annual General Meeting to be held in Newbury today, the Chairman, 
Dominic Burke, will make the following statement: 
 
"As you will have read in the 2011 Report and Accounts, 2011 was a year of well 
attended high quality racing, despite the backdrop of an uncertain economic 
environment that continued to hamper consumer spending. Nevertheless we 
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 good progress with David Wilson Homes 
regarding the redevelopment of the racecourse and we expect to be in a position 
to make a further announcement regarding key developments in the coming weeks. 
 
Current Trading 
 
The trading environment during 2012 has remained challenging although we 
continue to trade in line with the Board's expectations. 
 
We continue to host first class racing including the Group 1 JLT Lockinge 
Stakes with Frankel's continued form delighting race goers on Saturday. In 2012 
we have increased our commitment to prize money, and, with support from our 
sponsors, the Company staged Europe's richest handicap hurdle, the GBP152,500 
Betfair Hurdle, and this summer we will stage the GBP250,000 Weatherbys Super 
Sprint, amongst other highlights. We are pleased to be working with the 
Horsemen's Group to deliver quality racing and enhance the experience for 
racehorse owners, and remain a partner racecourse with that organisation. 
 
We are also pleased to have agreed Heads of Terms, negotiated on our behalf by 
Racecourse Media Group, with totepool and Betfred and we look forward to a 
fruitful partnership with them for our on-course betting operations. This is 
reflected in the new Betfred betting shop which forms part of the ongoing 
refurbishment of the ground floor of the Berkshire stand. These works will 
provide improved facilities for racegoers and will reflect the quality of the 
New Champagne Hall and Wine Cellar. These investments have delivered 
significant increases in demand for the hospitality and retail division 
reflecting the improvement to the visitor experience. 
 
Market conditions remain challenging for the conference and events business 
with continued pressure on margins. Nevertheless, we now have the right 
strategy to rebuild the revenues and profit contribution from this business 
over the coming year by focusing on higher margin events. 
 
We are focused on developing our successful live music events business that is 
a key strategic initiative in widening the appeal of the racecourse. We are 
pleased with the sales to date for the forthcoming Jessie J and Calvin Harris 
concerts whom we look forward to welcoming over the coming months. We remain 
selective regarding the acts we book to ensure these events drive both revenue 
and profitability. 
 
The redevelopment timetable for the racecourse has advanced well during the 
period with negotiations with David Wilson Homes continuing at pace. 
Preparatory works have begun on site with clearance work and the removal of 
existing buildings. We expect to make a further announcement in the coming 
weeks about the progress with the redevelopment of the racecourse. 
 
I would like to take this opportunity to thank my fellow Board members for 
their support. 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 the Company. 
 
We continue to trade in line with the Board's expectations and remain on track, 
to deliver our long term stated strategy of developing the racecourse as a 
successful leading leisure, events and entertainment business with racing at 
its core. 
 
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 
 
 
 
END 
 

(END) Dow Jones Newswires

May 21, 2012 06:35 ET (10:35 GMT)