The New Zealand Racing Board (NZRB) is pleased to present its Statement of Intent (SOI) for the years 2019-2021 Read here.
The SOI sets out NZRB’s strategic direction, priorities and financial forecasts through to 2020/21. The 2018/19 season has been a year of significant transformation and delivery for NZRB. We’re delivering on our financial targets, making good progress in the delivery of our strategic initiatives and delivering on our financial commitments to the racing industry.
We’ve been pushing hard to progress our key strategic initiatives - fixed odds betting platform, customer and channel improvements, racefields legislation and the optimise the calendar programme that will, once fully implemented significantly improve the customer experience and we expect will increase annualised net profit above $200 million.
Distributions for the racing codes for 2018/19 are budgeted at $151.6 million, a $0.8 million increase on last year. This includes the $12 million of additional funding targeted at increasing stakes across the 2017/18 and 2018/19 seasons that has been approved by the Board.
As profitability increases, the expectation is code distributions will also be lifted from $151.6 million to $172.2 million in 2019/20. Code distributions are expected to grow further in 2020/21 to $190.0 million.
As the main financial provider for the racing industry, NZRB is highly aware of our need to perform and deliver and we are excited about the opportunities ahead. What we have achieved so far, what we are doing now and what we are planning for the future will deliver its people an enduring livelihood and ensure New Zealand racing is successful on the world stage.
For further information please contact Kate Gourdie, Manager Media & Corporate Communications [email protected].