Pre-tax lack of £12.8m (2020 lack of £0.2m)
Affect of COVID-19 pandemic remained vital in 2021
Profitable 2022 Royal Assembly offers strong platform for restoration
Ascot Racecourse has introduced its monetary outcomes for the 12 months ended 31 December 2021.
Ascot Authority (Holdings) Restricted (AAHL) reported a pre-tax lack of £12,762,000.
* British Champions Sequence Restricted
2021 enterprise abstract
A tough yr as predicted with COVID-19 restrictions in place for a part of the yr and no pandemic insurance coverage out there to mitigate misplaced revenue.
Turnover rose by 113% to £46.9m as crowds had been step by step in a position to return to the racecourse however this was greater than 51% decrease than the 2019 stage.
Six racedays had been held behind closed doorways attributable to COVID-19 restrictions. Restricted crowds had been allowed to attend Royal Ascot and the Summer season Mile assembly in July after which restrictions had been lifted.
Steady debt place. Gross debt at 31 December 2021 was £56.4m (2020 £59.4m gross) and internet debt £25.4m (2020 £23.6m).
The standby mortgage facility of £20m out there till 2023 organized by the Authorities CLBILS scheme stays undrawn.
Royal Ascot 2022 was attended by 273,465 folks and the superb eating market was encouraging.
Man Henderson, Chief Government Officer at Ascot Racecourse, stated:
“The 2021 monetary yr was difficult for apparent causes and so we’re significantly happy to have gotten by the pandemic with diminished debt and while not having to activate the standby authorities CLBILS mortgage facility. This has offered the enterprise with a strong platform from which to spend money on re-building out of it.
“I want to thank and pay specific tribute to all our workers and industrial companions for his or her loyalty and dedication all through the pandemic. This enabled us to stage Royal Ascot 2020 as the primary main nationwide sporting occasion behind closed doorways and, on lower than a month’s discover, to ship Royal Ascot 2021 as a part of the Authorities’s Occasions Analysis Programme.
“For 2022, we invested considerably in enhancing buyer expertise by decreasing density, reconfiguring and redesigning the positioning and introducing new choices for the primary full scale Royal Assembly for 3 years. We welcomed a crowd of practically 275,000 (down from the same old 300,000 as deliberate) and supplied document prize cash of £8.65m contested by world class horses from eight completely different nations. We stay up for the remainder of yr with pleasure.”