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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Newbury Racecourse plc | AQSE:NYR | Aquis Stock Exchange | Ordinary Share | GB0002910429 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 585.00 | 520.00 | 650.00 | 585.00 | 585.00 | 585.00 | 0.00 | 06:55:37 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMNYR
30 September 2016
NEWBURY RACECOURSE PLC
("the Racecourse" or "the Company")
Interim Results for the 6 months ended 30 June 2016
Newbury Racecourse plc, the racing, entertainment and events business, today
announces its half year results for the six months ended 30 June 2016.
Financial Highlights
* Turnover up 1% to GBP5.56m (2015: GBP5.49m)
* Operating loss on ordinary activities GBP0.28m (2015: GBP0.16m loss)
* Exceptional profits of GBP20.1m (2015: GBPnil) resulting from the final sale of
land to David Wilson Homes
* Profit After Tax GBP17.2m (2015: GBP0.28m)
Operational Highlights
* 4% increase in media revenues
* 26% growth in Conference & Events revenues
* 33% growth in Rocking Horse Nursery revenues
Property Development Highlights
* Sale of final tranche of land to David Wilson Homes completed
* More than 400 homes now occupied on site
* New access bridge now open
* "Heartspace" development underway, bringing major benefits for racegoers
and all our customers
Dominic Burke, Chairman of Newbury Racecourse plc commented:
"In spite of the British weather that caused an almost unprecedented three
abandoned racedays, the first six months of 2016 have nonetheless been
positive, with particularly strong performances in Conference & Events and the
Rocking Horse Nursery, together with continued growth in media revenues.
In April we completed on the sale of the final tranche of land to David Wilson
Homes, resulting in an exceptional profit of GBP20.1m and David Wilson Homes
continues to make steady progress on the residential development.
The GBP20m redevelopment of our own "heartspace" is also now underway and marks
another important milestone in the transformation of Newbury Racecourse.
The Board remains confident in the delivery of a positive financial outturn for
2016, in line with our long term plans for the business."
For further information please contact:
Newbury Racecourse plc Tel: 01635 40015
Julian Thick (Chief Executive)
Andy Clifton (Head of Communications)
Hudson Sandler Tel: 020 7796 4133
Charlie Jack
Chairman's Statement
In spite of the British weather that caused an almost unprecedented three
abandoned racedays, the first six months of 2016 have nonetheless been
positive. Total turnover increased 1% on 2015 to GBP5.56m (2015: GBP5.49m), with
particularly strong performances in Conference & Events and the Rocking Horse
Nursery, together with continued growth in media revenues. Overall operating
losses for the first six months of GBP0.28m (2015: GBP0.16m) were broadly in line
with our expectations after consideration of the financial consequence of the
abandonments.
In April we completed on the sale of the final tranche of land to David Wilson
Homes, resulting in an exceptional profit of GBP20.1m. Overall profits on
ordinary activities after tax for the period were GBP17.2m (2015: GBP0.28m).
Racing Highlights
The first half of the year was again a period of excellent racing at Newbury.
On the jump racing front, Betfair Super Saturday lived up to its reputation for
highlighting future stars with Ballyandy producing a top class performance en
route to taking the Champion Bumper at the Cheltenham Festival. On the same
day, up and coming jockey Lizzie Kelly grabbed the headlines when winning the
Betfair Hurdle, the richest handicap hurdle in the UK, on Agrapart.
Friday 13 May saw a slice of racing history take place as Cunco, the first
offspring of unbeaten champion racehorse Frankel, who was twice a winner at
Newbury, made a wining debut and provided international news coverage for
Newbury into the bargain. Ulysses, also a winner on that day, went on to run in
the Derby, subsequently won the Gordon Stakes at The Qatar Goodwood Festival
and could well bid for the Group 1 Champion Stakes in October.
The second running of Al Shaqab Lockinge day, our flagship flat racing fixture,
was a major highlight during this period, with high class racing on a glorious
day in front of a large crowd. Mehmas, winner of the Olympic Glory Conditions
Stakes, has since progressed to be one of the leading two year olds of the
year, winning twice at Group 2 level. Belardo, himself a champion two-year-old
in 2014, was an outstanding winner of the Group 1 Al Shaqab Lockinge Stakes
beating a high class field containing subsequent July Cup winner Limato.
The Development
David Wilson Homes continues to make steady progress on the residential
development, with phase two well underway. With over 400 homes now occupied on
the site, there is a real sense of a thriving new community and we are
delighted that a large number of residents have taken up membership at the
racecourse.
Of our own new buildings, both the new Rocking Horse Nursery and The Lodge,
which is now open as a hotel outside of its primary use as stable staff
accommodation, have been well received and are driving incremental revenues for
the Company. The enhanced car parking facilities and the now opened access
bridge have greatly improved the arrival and departure experience for our
racegoers and customers.
Outlook
At the Weatherbys Super Sprint meeting in July we hosted Simply Red, who
performed after an excellent day's racing, with attendances of almost 20,000.
Betfred Ladies Day in August saw Will Young return to his home racecourse, to
perform in front of a 13,000 strong crowd. The Dubai Duty Free International
weekend in September was attended by more than 13,000 people across the two
days and featured international DJ and producer Mark Ronson after racing on the
Saturday, to close our 2016 music events.
The GBP20m redevelopment of our own "heartspace" is now underway, starting with
the construction of the new Owners and Trainers facility, re-modelled saddling
boxes and parade rings, which are due for completion in the late summer of
2017. This marks another important milestone in the transformation of Newbury
Racecourse.
The Board remains confident in the delivery of a positive financial outturn for
2016, in line with our long term plans for the business.
DOMINIC J BURKE
Chairman
29 September 2016
CHIEF EXECUTIVE'S REPORT
PERFORMANCE REVIEW
Turnover increased 1% to GBP5.56m (2015: GBP5.49m) in the first half of the year,
with a 4% increase in media revenues, a 26% increase in Conference and Events
turnover and a 33% increase in Nursery income.
Increased administrative expenses of GBP1.2m (2015: GBP1.04m), largely reflect the
planned investment in our people required to facilitate the growth plans for
the overall business.
Mid-year operating losses were GBP0.28m (2015: loss of GBP0.16m). GBP0.1m of the
shortfall versus the prior year is the net impact of the three abandonments.
Exceptional items were GBP20.1m, being the net profit on disposal of the final
tranche of land to David Wilson Homes, representing the minimum guaranteed
value under the terms of the sale agreement dated September 2012, less
associated costs.
Profit on ordinary activities after tax was GBP17.2m (2015: GBP0.28m).
Racing
With the abandonment of three racedays due to weather and one less scheduled
raceday, attendances in the first six months of 55,647 were 27% less than the
same period in 2015 (76,021). Our policy of selectively insuring a number of
our fixtures, mitigated, to a significant extent, the financial impact of the
abandonments.
We are grateful to have received continued significant support from all of our
sponsors, with particular thanks to Al Shaqab, Betfair, Betfred, Dubai Duty
Free and JLT for their investment in the first half of the year.
Hospitality and Retail
Like for like revenues from the catering business increased by c. 10% on 2015
and we continue to drive improvements in the performance of this part of our
business, to ensure it is delivering the best quality and value to our
customers, whilst maximising the returns from the investment made in our
in-house catering operations. Our team continue to work hard to ensure the
highest standards of customer service.
Leisure, Conference and Events
Conference and Events revenues in the period were 26% up on the first half of
2015 with event days c. 21% up on the comparative period. We were delighted to
host a number of prestigious organisations, including B&Q, Nationwide, Open
University and Thames Water.
Trading prospects for the remainder of the year look positive, with a focused
and proactive sales strategy in place. Confirmed business on the books for the
remainder of the year already puts us level with 2015 full year revenues, with
some good prospects for the remainder of the year and Christmas parties once
again selling well.
Rocking Horse Nursery
Revenues in the first six months of 2016 (GBP493k) were 33% up on the comparative
period in 2015, with a like for like occupancy increase of 14%.
Having opened the new nursery facility approximately one year ago in August
2015, we are delighted with the improvements in trading performance during this
time and to see the anticipated returns on our investment in this state of the
art building and our staff.
Property Redevelopment
The DWH residential development has continued to make good progress and there
remains high demand for homes on the site, with 99% of completed homes now
occupied. Construction on the second phase of residential development, the
Central Area apartments, is well underway with good levels of interest and c.
60% of the properties released to date already reserved. The new access bridge
from the north opened to the general public in May and has significantly
improved ingress and egress into the site.
Following receipt of planning approval in October 2015, redevelopment of the
"heartspace" is now underway, starting with the construction of the new
Horsemen's Club at the western end of the site. These works also include new
entrances, remodelling of the parade ring areas and are focused on enhancing
the experience for all of our racegoers, whilst generating improved financial
returns for the wider business in the longer term.
JULIAN THICK
Chief Executive
29 September 2016
Consolidated Profit and Loss Account
Six months ended 30 June 2016
Note Un- Un- Un- Un- Un-audited Un-audited
audited audited audited audited 6 months 6 months
6 months 6 months 6 months 6 30/06/15 30/06/15
30/06/16 30/06/16 30/06/16 months GBP'000 GBP'000
GBP'000 GBP'000 GBP'000 30/06/ Property Total
Trading Property Total 15
GBP'000
Trading
Turnover 5 5,528 35 5,563 5,475 24 5,499
Cost of sales (4,635) - (4,635) (4,620) - (4,620)
Gross profit 5 893 35 928 855 24 879
Administrative expenses (1,127) (82) (1,209) (989) (50) (1,039)
Operating loss (234) (47) (281) (134) (26) (160)
Exceptional Items 6 - 20,123 20,123 - - -
Profit/(loss) on ordinary
activities before (234) 20,076 19,842 (134) (26) (160)
interest
Interest receivable and
similar income - 14 14 - 403 403
Interest payable and
similar charges (162) (873) (1,035) (129) (19) (148)
Profit/(loss) on ordinary
activities (396) 19,217 18,821 (263) 358 95
before taxation
Tax (charge)/credit on
(loss)/profit (149) (1,467) (1,616) 181 - 181
on ordinary activities
Profit/(loss) for the (545) 17,750 17,205 (82) 358 276
financial period
Profit per share (basic 514p 8.3p
and diluted)
All amounts derive from continuing operations
Consolidated Statement of Comprehensive Income
Six months ended 30 June 2016
Unaudited Unaudited
6 months 6 months
30/06/16 30/06/15
GBP'000 GBP'000
Total comprehensive income 17,205 276
for the period
Consolidated Balance Sheet
Six months ended 30 June 2016
Unaudited
6 months Audited
30/06/16 12 months
Note GBP'000 31/12/15
GBP'000
Fixed assets
Tangible assets 8 29,366 35,535
Investments 215 192
29,581 35,727
Current assets
Stocks 239 206
Debtors
* due within one year 6,562 4,285
* due in more than one year
25,027 -
Cash at bank and in hand 510 2,105
Cash Investment 7,046 6,837
39,384 13,433
Creditors: amounts falling due within (10,829) (8,378)
one year
Net current assets 28,555 5,055
Total assets less current 58,136 40,782
liabilities
Creditors: amounts falling due after (7,354) (7,238)
more than one year
Provisions for liabilities (1,651) (1,570)
Net assets before pension 49,131 31,974
deficit
Pension deficit (316) (303)
Net assets after pension 48,815 31,671
deficit
Deferred income
Deferred capital grants 3,902 3,963
Capital and reserves
Called up share capital 9 335 335
Share premium account 10,202 10,202
Revaluation reserve 75 75
Equity reserve 143 143
Profit and loss account 34,158 16,953
surplus
Shareholders' funds 44,913 27,708
48,815 31,671
The unaudited half year financial report of Newbury Racecourse plc, company
registration 00080774, was approved by the board on 29 September 2016 and
signed on its behalf by:-
D J Burke (Chairman)
J
M Thick (Chief Executive)
Consolidated Statement of Changes in Equity
At 30 June 2016
GROUP Capital Profit
Share Share redemption Revaluation and loss
Capital Premium Reserve reserve GBP account Total
GBP'000 GBP'000 GBP'000 '000 GBP'000 GBP'000
At 31 December 2015 335 10,202 143 75 16,953 27,708
Profit for the period to 30
June 2016 - - - - 17,205 17,205
At 30 June 2016 335 10,202 143 75 34,158 44,913
Consolidated Cash Flow Statement
Six months ended 30 June 2016
Unaudited Unaudited
6 months 6 months
30/06/16 30/06/15
Note GBP'000 GBP'000
Net cash (outflow)/inflow from 1 (1,511) 456
operating activities
Returns on investments and servicing of
finance
Interest received and other investment 14 -
income
Interest paid 20 (36)
Pension scheme contribution - -
Net cash outflow from returns on
investments and servicing of finance 34 (36)
Taxation
UK corporation tax refunded - 155
Total tax refunded/(paid) - 155
Capital expenditure
Payments to acquire tangible (347) (852)
fixed assets
Receipts from exceptional 484 2,463
sale of fixed assets
Grant from HBLB - 50
Net cash inflow from capital
expenditure 137 1,661
Net cash inflow/(outflow) before 1,340 2,236
financing
Financing
Arrangement fees paid (30) -
Loan finance received - -
Loan repayment (16)
Net cash inflow/(outflow) from (46)
financing
(Decrease)/Increase in cash (1,386) 2,236
in the period
Notes to the Consolidated Cash Flow Statement
Six months ended 30 June 2016
1. Reconciliation of operating loss to net cash Unaudited Unaudited
(outflow) from operating activities 6 months 6 months
30/06/16 30/06/15
GBP'000 GBP'000
Operating loss (281) (160)
Depreciation charges 547 525
Amortisation of capital grants (61) (55)
(Increase) in stocks (33) (31)
(Increase) in debtors and prepayments (2,574) (901)
Increase in creditors and 891 1,078
accruals
Net cash (outflow)/inflow from operating (1,511) 456
activities
2. Reconciliation of net cash flow to movement in Unaudited Unaudited
net debt 6 months 6 months
to 30/06/ 30/06/15
16 GBP'000
GBP'000
(Decrease) in cash in the period (1,385) 2,236
Cash (outflow)/inflow from debt and (71) (108)
lease financing
Change in net debt resulting from (1,456) 2,128
cash flows
Non cash movements - -
Net debt at 1 January 1,687 (2,589)
Net debt at 30 June 231 (461)
3. Analysis of change in net debt At 1 Cash flow Non cash At
Jan GBP'000 changes GBP 30 June
2016 '000 2016
GBP'000 GBP'000
Cash at bank and in hand 8,941 (1,385) - 7,556
Debt due after one year
* Loan (7,255) 16 (116) (7,355)
* loan arrangement fees - 30 - 30
1,686 (1,339) (116) 231
Notes to the Interim Financial Statements
Six months ended 30 June 2016
1. BASIS OF PREPARATION
The accounts consolidate those of the company and its subsidiaries and are
prepared under the historical cost convention, modified to include certain
items at fair value in accordance with Financial Reporting Standard 102
(FRS102) issued by the Financial Reporting Council, effective from 1 January
2015.
These interim financial statements do not include all of the notes and
disclosures required to comply with FRS102, as they have been prepared in
accordance with the content, recognition and measurement principles for interim
financial reports, Financial Reporting Standard 104 (FRS 104).
The abridged results for the six months ended 30 June 2016 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 2015 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 events 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. 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 and nursery income is recognised as the child attends the nursery.
Property receipts arising from the sale of land to David Wilson Homes (DWH) are
recognised in accordance with the substance of the transaction, being that of a
disposal of land. Cash payments from DWH are received quarterly and are
included in the balance sheet as cash/cash investments. The David Wilson Homes
debtor is measured at fair value, based upon the expected future receipts
discounted at a market rate of interest - movements in the fair value are
recognised in the profit and loss.
4. NON FRS FINANCIAL INFORMATION
The consolidated profit and loss account includes measures which are not
accounting measures under FRS 102 which are used to assist the users of the
financial statements to understand the financial performance of the business.
These non-FRS measures are not considered a substitute for, or superior to, the
equivalent measures calculated and presented in accordance with FRS 102. These
measures, which are termed "non-FRS" include the separation of property, in
relation to the redevelopment of the racecourse, from underlying trading
activity. Additionally, where the company considers there to have been
exceptional operating items, these are disclosed separately on the face of the
profit and loss.
Notes to the Interim Financial Statements
Six months ended 30 June 2016
RESPONSIBILITY STATEMENT
We confirm that to the best of our knowledge:
(a) The condensed set of financial statements has been prepared in accordance
with FRS 104 'Interim Financial Reporting'.
(b) The interim report includes a fair review of the information required by
DTR 4.2.7R (indication of important events during the first six months and
description of principal risks and uncertainties for the remaining six months
of the year); and
(c) The interim management report includes a fair review of the information
required by DTR 4.2.8R (disclosure of related parties' transactions and changes
therein).
By order of the Board,
J M Thick C E
Spencer
Chief Executive Finance
Director
29 September 2016 29 September
2016
5. SEGMENTAL ANALYSIS
2016 Turnover Gross Operating Profit/ *Net
GBP'000 profit (loss)/ (loss) Assets
GBP'000 profit before GBP'000
GBP'000 tax GBP'000
Trading 5,035 752 (375) (537) 22,583
Nursery 493 141 141 141 2,470
Total 5,528 893 (234) (396) 25,053
Property 35 35 (47) 19,217 23,762
Total 5,563 928 (281) 18,821 48,815
2015 Turnover Gross Operating Profit/ *Net
GBP'000 profit (loss)/ (loss) Assets
GBP'000 profit before GBP'000
GBP'000 tax GBP'000
Trading 5,105 770 (219) (348) 11,594
Nursery 370 85 85 85 (15)
Total 5,475 855 (134) (263) 11,579
Property** 24 24 (26) 358 18,377
Total 5,499 879 (160) 95 29,956
* 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.
6. EXCEPTIONAL ITEMS
2016 2015
GBP'000 GBP'000
Profit on Sale of Fixed 20,123 -
Asset
Total 20,123 -
Profit on sale of fixed assets of GBP20,123,000, is the recognition of the sale
of the final tranche of land to David Wilson Homes, under the terms of the sale
agreement dated September 2012 and represents the guaranteed minimum land
value, less directly attributable costs. This is shown as a debtor balance (due
in more than one year) on the balance sheet, with the cash receivable over time
as the residential units are sold.
7. TAX ON PROFIT/LOSS ON ORDINARY ACTIVITIES
The tax on ordinary activities has been computed in accordance with FRS 104
Interim Financial Reporting. This requires the company to apply the estimated
annual effective tax rate to the profit/(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. PROFIT PER SHARE
Basic profit per share of 514p is calculated by dividing the profit
attributable to ordinary shareholders for the period ended 30 June 2016 of GBP
17,205,000 (2015: profit GBP276,000) by the weighted average number of ordinary
shares during the period of 3,348,326 (2015: 3,348,326).
9. TANGIBLE FIXED ASSETS
GROUP Freehold Fixtures Tractors Total
land, fittings and GBP'000
buildings and motor
and equipment vehicles
outdoor GBP'000 GBP'000
fixtures
GBP'000
Cost or valuation
As at 1 January 2016 44,050 6,150 266 50,466
Additions 241 97 - 338
Disposals (5,956) - (4) (5,960)
As 30 June 2016 38,335 6,247 262 44,844
Depreciation
At 1 January 2016 9,951 4,774 206 14,931
Charge for year 374 169 4 547
Disposals - - -
-
At 30 June 2016 10,325 4,943 210 15,478
Net book value at 30 June 2016 28,010 1,304 52 29,366
Net book value at 31 December 34,099 1,376 60 35,535
2015
In 1959 a revaluation of part of the freehold land at GBP117,864 gave rise to an
excess of GBP75,486 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 (and excluding outdoor
fixtures) determined by the historical cost convention is GBP14,552,000 (2015 GBP
20,641,000).
10. SHARE CAPITAL
2016 2015
GBP'000 GBP'000
Authorised
Ordinary shares of 10p each 600 600
Total 600 600
2015 2014
GBP'000 GBP'000
Allotted and fully paid
Ordinary shares of 10p each 335 335
Total 335 335
11. RETIREMENT BENEFIT OBLIGATIONS
The defined benefit obligation at 30 June 2016 has not been restated from the
figures recorded at 31 December 2015 which were calculated in accordance with
FRS17, as in the Directors' opinion there have not been any significant
fluctuations in the key assumptions.
12. RELATED PARTY TRANSACTIONS
There are no significant changes to the nature and treatment of related party
transactions for the period to those reported in the 2015 Annual Report and
Accounts.
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 2015 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.
29 September 2016
END
(END) Dow Jones Newswires
September 30, 2016 02:00 ET (06:00 GMT)
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