HRNSW reports strong financial performance in a challenging year

Harness Racing New South Wales (HRNSW) is pleased to announce its Annual Report for the fiscal year 2022-2023, highlighting a resilient financial performance despite facing a multitude of challenges. The report, released by Chief Executive Peter Buckman, underscores HRNSW’s commitment to the harness racing industry’s well-being and financial stability.

The fiscal year 2022-2023 presented a challenging landscape, marked by global disruptions, inflationary pressures, softening wagering markets and geopolitical concerns. However, HRNSW navigated these challenges admirably, concluding the year with a comprehensive surplus of $0.453 million, showcasing our commitment to prudent fiscal management.

Key Highlights of the Report:

• Operating Deficit Offset: Despite an operating deficit before investment income of ($1.241 million), HRNSW leveraged investment income on the Future Fund, amounting to $1.694 million, to achieve a comprehensive surplus of $0.453 million.
• Revenue Growth: Total revenue for the year saw an impressive year-on-year increase of $3.939 million, demonstrating HRNSW’s ability to adapt and thrive in a dynamic environment.
• Wagering Revenue: Unpredictable wagering revenue, with a 4.9% or $3.522 million rise from FY 2022
• TAB Revenue: TAB revenue experienced a moderate increase of $0.579 million.
• Race Fields Revenue: Race fields revenue declined by 5.8%, resulting in a reduction of $1.121 million.
• Point of Consumption Tax Grant: A substantial boost in Point of Consumption Tax grant by $4.089 million, following the rate change from 10% to 15% on 1 July 2022.
• Future Fund Returns: Despite volatile investment markets, the Future Fund returned positively with $1.695 million, a significant turnaround from the previous fiscal year.
• Expenditure Increase: An increase of $9.095 million in expenditure, primarily driven by higher club funding and prizemoney distributions.
• Commitment to the Industry: HRNSW extended $0.343 million under the Flood Assistance scheme and provided augmented subsidies of $3.106 million to clubs.
• Baseline Prize Money Increase: Baseline prize money for “A” Category Meeting races surged by 48%, infusing an additional base prizemoney of $4.8 million into the industry.
• “Breed NSW” Initiative: Introduced with a direct fund injection of $1.7 million for the first year and a promised $6 million over three years.

As we transition into the next phase of our strategic planning, HRNSW remains dedicated to diversifying and strengthening revenue streams while challenging conventional business norms. We are poised to navigate challenges and capitalize on new opportunities with innovation and strategic alignment.

For more detailed information, please refer to HRNSW’s Annual Report for the fiscal year 2022-2023, available on our official website or by clicking here.

Media Contact: 

Amanda Rando

HRNSW Media Liaison Manager

arando@hrnsw.com.au

From Harness Racing New South Wales