Newcastle Harness Racing Club have posted a net profit of about $114,000 for the 2021-22 financial year to bounce back from a COVID-driven loss.
NHRC secretary-manager Wayne Smith said improved profits from hospitality and an increase in industry revenue from Sky international broadcast rights helped the club turn around their bottom line. The club also hosted 70 meetings, up from 58 in 2020-21, which boosted revenue potential.
In the 2020-21 season, where hospitality revenue was devastated by COVID restrictions, NHRC initially posted a $33,000 loss before it was readjusted to a $78,000 deficit after an accounting standard changed.
"There's definitely been improvements in the trading areas of food and beverage," Smith said. "The Inter Dominion [heats last December] was a pretty good success and the Newcastle Mile has continued to grow. There's been a lot of effort into promotion of the Newcastle Mile and it's a recognised event at that time of the year now.
"Obviously there was the increase industry funds around the television broadcast rights, and that's continued to grow since COVID."
In the year before the pandemic, 2019-20, NHRC made $74,000 after basically breaking even in 2018-19. That result ended a decade of annual deficits ranging from $90,000 to $291,000. A Harness Racing NSW-funded consultant reviewed the club's operations in August-September 2018, prompting staff restructures and other cost-saving measures.
At the recent annual general meeting, Clayton Harmey and Darren Grant didn't seek re-election as directors.
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