Ascot turnover beats £100 million for first time as course recovers from Covid-19 impact
Ascot returned to profitability and broke the £100 million mark for turnover for the first time in 2022, according to the racecourse's latest set of financial results released on Monday.
The course had made a loss over the previous two years due to the impact of the Covid-19 pandemic, with the pre-tax shortfall in 2021 reaching £12.8m.
Ascot made a pre-tax profit of £3.4m in 2022 but that was still down on the £7.3m Ascot recorded in 2019, which officials said highlighted the significantly increased overheads and operating costs of the current economic climate.
Nevertheless, the performance in 2022 enabled Ascot to plan for record prize-money in 2023 with £17m set to be on offer, an increase of £1.33m against the previous year.
Turnover rose by 161 per cent to a record £101.4m, with hospitality and admission revenues recovering strongly.
Ascot also reduced its debt ahead of schedule through voluntary early repayments, with net debt standing at £17.2m at the end of 2022 compared to £25.4m the previous year.
Ascot chief executive Alastair Warwick
Chief executive Alastair Warwick said: "The figures for 2022 show that Ascot has recovered strongly from the impact of the pandemic. Last year’s performance, headlined by record turnover, gave us the confidence to invest in the business this year, including reaching the £17m prize-money mark for the first time.
"Having further reduced our debt, including through a voluntary additional repayment, we are in a good position to continue to improve both prize-money and facilities."
Warwick oversaw his first Royal Ascot as chief executive in June and he thanked his staff and commercial and broadcast partners for their continued commitment to the course.
He added: "We are particularly encouraged to have seen strong attendance and hospitality metrics at Royal Ascot this year, the first under the reign of King Charles III. We had incredibly competitive, international fields and World Pool betting continues to be strong while viewing figures on ITV were excellent, including a peak of over a million every day and a ten-year high for the final day."
Ascot's financial figures mirrored those revealed by the Jockey Club last week which also posted record turnover in 2022 but with profits still below pre-pandemic levels.
Jockey Club chief executive Nevin Truesdale warned it was facing headwinds not only from rising costs but also from the impact of affordability checks on its income derived from betting.
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