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Wednesday, June 19, 2024
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RACE releases 2023 financial results

SUPERCARS owner RACE has announced an uptick in its financial results for 2023.

Across the 12 months to December 31 2023, RACE has reported a 12.5 percent increase in revenue to $126.57 million and a 16.2 percent spike in normalised EBITDA (earnings before interest, tax, depreciation and amortisation) to $6.82 million.

Contributing to the improved revenue were rises in sponsorship (up 16.4 percent to $40.4 million), ticket sales (up 28.3 percent to $15.3 million) and corporate hospitality income (up 34.4 percent to $12.1 million).

“The 2023 accounts demonstrate the underlying strength of Supercars in terms of revenue and earnings,” said RACE and Supercars 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 Gen3 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.”

MORE: Supercars kingpin talks domestic, international expansion

There were $20.5 million in one-off expenses which included Gen3 payments to teams and “a strategic investment to optimise the number of Teams Racing Charters” – i.e. buy two TRCs off Tickford Racing and sell one to the Blanchard Racing Team to set the grid at 24.

“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,” Nettlefold added.

The releasing of RACE’s financials comes ahead of an Annual General Meeting later this morning.

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