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NZRB Half-Year Turnover Down 3.6%
The New Zealand Racing Board reported a 6-months profit of NZ$69.6 million for the 2010-11 racing season. Total turnover for the same period was NZ$800.7 million (down NZ$30 million or 3.6% from 2009-10). NZRB chairman Michael Stiassny said the stagnant economy was continuing to impact on the business & noted: "Like many businesses we had expected uplift by now, but it's clear that people are still reining in their spending. What we're seeing is a shift in our overall betting mix. Punters are betting more on Fixed Odds options & international racing, and less on the Tote. We've deliberately targeted these growth areas for investment. In addition, exporting New Zealand races to offshore markets has been a significant revenue earner that deserves continued focus. These initiatives have generated strong turnover, enabling a better result than could have been expected given the economic climate. And more importantly, our margins on these products out-performed expectations, so we were able to maintain profitability close to last year's figure."