RACE claims Supercars revenue increase
Racing Australia Consolidated Enterprises Ltd (RACE), the owner of Supercars, has claimed a positive financial result for 2023.
Across a 12 month period from January 1 to December 31 2023, RACE’s financial results included a 12.5% increase in revenue, to $126.57 million, and a 16.2% increase in normalised earnings before interest, tax, depreciation and amortisation to $6.82 million.
This is led by sponsorship revenue going up 16.4% to $40.4 million, ticket income up 28.3% to $16.3 million and corporate hospitality income up 34.4% to $12.1 million
The 2023 statutory results were affected by $20.5 million of one-off items, including Gen3 payments to the racing teams and a “strategic investment to optimise the number of Teams Racing Charters” which saw two TRCs purchased off Tickford and only one being sold to Blanchard Racing Team to limit the full-time grid to 24 cars.
It also saw the write down of balance sheet items that were no longer required.
It comes during the roll out of the significant shift to Gen3 where brand new Chevrolet Camaros and Ford Mustangs were introduced and required a lot of work on and off the track throughout the 12-round season.
“The 2023 accounts demonstrate the underlying strength of Supercars in terms of revenue and earnings,” said RACE Chairman, Barclay Nettlefold.
“They also reflect a year of investment for the future. A number of strategic investments were made in 2023 to grow the business including a new website and app, a new membership program, enhancing the quality of our events, and the continued investment in the Gen-3 platform.
“At the same time, a significant number of commercial partnership renewals were secured during the year.
“Across 2023, RACE and Supercars achieved solid financial results and made substantial progress towards our long-term objectives.
“We are committed to implementing further strategic investments and initiatives to build on the successes of 2023 and we anticipate continued growth in 2024 and beyond, including the possibility of expanding the sport to international races outside of Australia and New Zealand.”
Image: Mark Horsburgh
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