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UK National Stud 'Back In Black' After Decade

Friday, 14th July 2006

The UK National Stud's "annual accounts have gone into the black for the 1st time after 9 consecutive years of red ink & the 2005 operating surplus of £412,000 (A$988,000), compared with 2004's loss of £680,000 (A$1.632m), puts chairman Andrew Parrish's action plan 12 months ahead of schedule," reported racingpost.co.uk. Parrish "walked into the Newmarket site in August 2003, just as all but one of the old board had marched out" & "set elimination of recurring financial deficits by 2005 as his 1st target & moving into sustainable surplus in 2006 as his 2nd". However Parish noted "the balance-sheet dependency on 2 particular horses" & warned "much of last year's progress centred on the popularity of Bahamian Bounty & the promise of his Gr1 July Cup-winning son Pastoral Pursuits (who is standing his 1st season alongside his sire)". Bahamian Bounty's fee went up by 50% in 2005 & he was fully booked with 100 mares by the start of the season. Extra receipts from Bahamian Bounty contributed significantly to revenue from fees for the stud's 8 wholly or part-owned or leased stallions rising by 73.7% per cent to £827,000 (A$1.984m). Parrish summed up the overall performance as "the bare minimum level of financial solidity required to develop the business & our activities as we move forward".

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