New Zealand Racing Board achieves record full-year turnover

The New Zealand Racing Board (NZRB) has announced that it achieved record full-year turnover during the 12 months to July 31, 2014.

The national bookmaker posted total turnover of almost NZ$2.1 billion (€1.3 billion/$1.7 billion) in the 2013-14 financial year, which is up 6.7% on the amount achieved in previous year.

Net profit also grew slightly to NZ$137 million while total group distribution made from current year profit increased by 1.8% to NZ$137.4 million.

Stewart McRobie, acting chief executive officer of the NZRB, cited the impact of the 2014 Fifa World Cup national team tournament as one of the main reasons behind its success in the last year.

“The NZRB achieved record-breaking turnover results surpassing the $2 billion mark for the first time in the organisation’s history,” McRobie said.

“This was on the back of a highly successful Football World Cup tournament that was the TAB’s biggest ever betting event with turnover of NZ$32.3m.

“Some very positive improvements have been offset by the significant appreciation of the New Zealand dollar against the Australian dollar.

“Our key initiative projects – broadcasting and the mobile app have also cost more and taken longer to execute, but we expect to see benefits from these projects come through in future results.”

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