Tough budgets and new efficiencies have paid off for Newcastle Jockey Club, with the club back in the black and recording a significant profit in 2017-18. The impressive turnaround is hoped to be the kick-start of sustainable winning streak for the entity established in 1901.
This year has seen NJC return a positive financial result of $613,756 (before property revaluations) with the recently completed audited figures for the financial year ending June 2018 highlighting a big improvement in the club’s bottom line.
After Property Revaluation the club’s result for the year increases to $973,756.
Last year, the club reported a significant loss of $1,007,169 before property revaluations ($647,169 post revaluations).
The Annual Report will be on the club’s website for members later this month.
NJC Chairman Geoffrey Barnett said there had been a ‘significant’ turnaround in the last financial year thanks to a tough budget and new efficiencies.
‘The NJC Board, Chief Executive Matt Benson and NJC management set a tough budget in May last year, and with targeted staff restructuring, strong hospitality sales and a focus on cost-cutting and efficiencies we achieved this exceptional result,’ Mr Barnett said.
‘Last year we focused on a range of important issues that meant we needed to invest in one-off expenses. These included additional track irrigation, maintenance and security costs, the club’s new branding and website, the development of plans for a new stable development, the renovation of the Ascot and Newmarket Bars, course-wide screen upgrades and a range of significant administrative issues that had to be addressed.
‘What’s pleasing about this outcome is that it not only illustrates the excellent financial health of the club at the moment, but that we’ve also been rewarded for the investment we’ve made in patron and hospitality facilities.’
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