Ascot Racecourse Announces 2024 Financial Results

[Wandering Eyes]

Ascot Racecourse is set to return record prize-money of £17.75 million to the sport in 2025, having announced its financial results for the 12 months ended December 31, 2024. Turnover for that period rose by 2% to £113.1 million, with a pre-tax profit of £8.4 million – up from £5.9 million in 2023. The 2024 business summary highlighted several other points of interest:

• Gross profit was broadly static, reflecting the general inflationary economic conditions. whilst this also included an increase of £526k in the executive contribution towards prize-money.
• Profit before tax increased by £2.5m. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) rose by £549k (3.4%). Overhead costs decreased with the depreciation charge falling by nearly £1m as assets are fully written off and a drop in the base rate resulted in interest payable costs dropping by 16%.
• £5m of the (2004-2006 redevelopment) loan was repaid in 2024 (a £3m mandatory repayment and a voluntary partial early repayment of £2m). Net debt as at 31st December 2024 was £4.6m (2023 £9.5m).
• On-course attendance was largely unchanged year-on-year, with 513,869 racegoers in 2024 compared to 514,208 in 2023.
• There was £6.8m capital investment (up from £4.9m in 2023) in technology, sustainability enterprises and customer experience as part of the long-term strategy.
• In 2024, 12 of the top 20 (including ties) racehorses in the globally ratified Longines World's Best Racehorse Rankings ran at Ascot, while internationally trained horses from Ireland, France, Germany, Australia and America travelled to race.
• Strong 2024 performance has enabled record planned prize=money in 2025 with £17.75m programmed, excluding the industry-owned QIPCO British Champions Day. The King George VI and Queen Elizabeth Stakes later this month will be run for a record £1.5m, making it Britain's equally most valuable race. Furthermore, the racecourse has invested more in its executive contribution by making it a 'run for free' race, with all horses that run having their entry fees refunded in full.

Felicity Barnard, chief executive officer at Ascot Racecourse, said, “We were delighted to see continued revenue growth in 2024, reaching record levels of more than £113.1m. This reflects the popularity of our events, especially the enduring appeal of Royal Ascot which saw increased attendances year-on-year in 2024 (266,145 to 273,526) and was supported this year by a further 4.8% rise (286,541).

“Generating increased revenues will allow us to reinvest back into the business, demonstrated by prize-money uplifts in 2025, most notably for the King George, which will become the richest race ever run at Ascot.

“Ongoing investment in our venue and brand is vital to ensuring we consistently deliver a world-class experience for everyone who visits or engages with Ascot, across every touchpoint.”

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