Newbury Races has new hurdle as losses mount

NEWBURY Racecourse has reported an increased operating loss of £0.71m for the year to 30 June 2010m.

That compared with a loss of £0.61m in 2009.

However, turnover was up nine per cent at £4.3m.

Administration costs were higher at £0.229m, mainly as a result of the ongoing property redevelopment.

The Group said that corporate events and hospitality businesses are showing signs of recovery,although pressure on margins remains.

Chairman Christopher Spence said: “Whilst the overall trading environment has remained challenging, we are pleased to have witnessed a slight recovery in customer and corporate revenues, though we remain cautious regarding the speed and sustainability of this recovery.

“We have made good progress with our planned development of the racecourse earlier in the year was a significant milestone.”