Strong growth in revenue, increased stakemoney and a profit of $4.054m are the highlights of the Harness Racing Victoria (HRV) 2014/15 Annual Report tabled in State Parliament today.
The HRV Annual Report highlighted some significant achievements during 2014/15 including:
- A Net Profit of $4.058m
- Revenue growth of 6.3% to $84.97m
- Wagering revenue growth of 7% to 61.9m
- Wagering turnover on Victorian product growth of 7% to $857.8m
- Stakemoney growth of 7% to $38.3m
- HRV Net Assets increasing from $22.2m to $26.3m, on the back of a $7.7m reduction in debt during the year.
HRV CEO John Anderson said the recently announced $2.3m stakes increase was a result of the strong financial position displayed in the annual report.
“The 2014/15 year continued the consolidation of the industry’s financial position. The Board is focussed on the long-term sustainability of the sport and it is important that revenue growth is achieved in order to invest in the future of the business.
“It is particularly pleasing that the international interest in Victorian product is growing and that the Vicbred program continues to be enhanced, particularly through the Vicbred Platinum initiative, jointly funded by the Andrews State Government.
“HRV has recently engaged in an extensive consultation process with the industry, which will lead to a new Strategic Plan in 2015/16, designed to further consolidate the growth of harness racing in Victoria.”
Harness racing is very important to the Victorian economy, providing an economic benefit of $422m to the State with 18,600 participants and employees involved in the industry.
View the 2015 HRV Annual Report by clicking here.
Approved By Dean Baring www.harnessbred.com
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