NZ Racing Board announced growth in net profit
The numbers are part of the results from the year ending in July 31, 2016.
New Zealand.- According to a report released by the New Zealand Racing Board (NZRB), net profit before distributions rose to US$146.7 million for the year ending in the last day of July. NZRB believes that the focus on their clients helped them experience the growth.
Total revenue was up 4.6 year-on-year to US$352 million in fiscal year 2016, whilst total turnover was up 12 percent year-on-year to US$2.7 billion. John Allen, New Zealand Racing Board chief executive officer, said: “Our focus on our customers has seen nearly 181,000 account customers placing a bet over the past year, up 9.6 percent, with our digital channels continuing to grow in popularity and accounting for 55.9 percent of betting activity and our TAB Mobile App up 214.4 percent on last year.”
The chief executive confirmed that they’re working on a series of pilot enhancement funds to help support and grow the industry by tactically boosting stakes to attract higher quality racing, investing in key infrastructure and helping build the next generation of racing by encouraging and incentivizing the development of career paths into and through the industry.
