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DJ Newbury Racecourse Plc Interim Results

 
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 

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September 30, 2016 02:00 ET (06:00 GMT)

DJ Newbury Racecourse Plc Interim Results -2-

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 
 

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DJ Newbury Racecourse Plc Interim Results -3-

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 
 

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September 30, 2016 02:00 ET (06:00 GMT)

DJ Newbury Racecourse Plc Interim Results -4-

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 
 

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September 30, 2016 02:00 ET (06:00 GMT)