19 November 2018
The South Australian Jockey Club (SAJC) has announced its strongest operational result in eight years, continuing a trend of ongoing financial improvement.
The club recorded a net operational loss of $485,000, nearly halving last year’s $0.929 million loss and almost $300,000 ahead of the forecast result.
Strong performance from the club’s investment fund, which grew 7.5% to $48.2 million, helped deliver an overall net surplus of $123,000 after depreciation.
Other key results include:
“This is another pleasing result and further evidence that the club is headed in the right direction,” said SAJC Chair Bodelle Francis.
“The Board and executive have put in a great deal of work to continue the performance trend we started in 2015/16,” she said.
“We have been able to balance ongoing investment in track and member facilities while also again reducing overall costs.
“A major part of striking this balance has been achieved by generating improved sponsorship and non-race day revenues, and our executive team should be congratulated for this.
“The club will continue to focus on maximising Morphettville as a year-round, multi-purpose venue so we can continue to offset the decline in traditional racing income streams.”
Ms Francis said next year’s result would largely depend on ongoing negotiations with the State Government around renewal of the $6 million prizemoney funding provided to the past two Autumn Racing Carnivals.
“The State Government’s generous funding not only helps us drive exposure and sponsorship for the Carnival, but the nominations and acceptances it helps generate are a major budget line for the club,” she said.
Ms Francis said she was proud of what the club had achieved during the past two years.
“Everything we have done has been based on the learnings of the Ferrier Hodgson review, guided by our constitution and in line with the direction set out in our Strategic Plan,” she said.
“We have maintained a strong focus on our culture, on improving our governance regimes and on how we treat our members, and I think we have achieved a great deal.
“However, after two years as Chair, I think it is perhaps time to step aside and let someone else take over the reins.
“Therefore, while I will remain a passionate contributor at Board level, at this stage it is not my intention to stand again for the position of Chair unless the membership makes it known that they’d prefer me to stay.”
Two directors’ positions – currently held by Bob Holton and John Girvan – will be contested at the SAJC AGM, which will be held on November 29th.
Media EnquiriesPhil Martin, Michels Warren 0418 817 876
For all general enquiries, call Morphettville directly on (08) 8295 0111
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