The owners of revitalised Brighton racecourse were approaching the finishing post with renewed confidence today after recording healthy half-year results.

Northern Racing, which also owns Fontwell Park, near Arundel, said it was confident of meeting full-year trading expectations.

The group said turnover for the six months before June 30 raced to £13.7 million from £1.8 million last time while operating profits increased to £1.2 million from £300,000.

In June, Northern reached a ten-year agreement with satellite horse racing channel Attheraces to replace the original one terminated last March.

However, the group confirmed the agreement will leave Northern with added race-day costs of £200,000.

Graham Stow, Northern's non-executive chairman, was upbeat about the group's prospects which, he said, were on firmer ground following the Attheraces agreement and proposed reforms of British horse racing.

He said: "The group's progress and future prospects are underpinned by the clarity represented by the new agreement with Attheraces.

"We remain in a strong position to benefit from what we believe will be a calmer operating environment within the horse racing industry."

The hospitality group, which owns nine racecourses including Uttoxeter in the Midlands and Sedgefield in the North, is one of the biggest three racecourse operators in the country.

Last month it made former executive chairman Sir Stanley Clarke the company's life president and a non-executive director while Mr Stow became non-executive chairman.

Since taking over Brighton in 1998 Northern has ploughed £5 million into the venue and increased average race day attendance from 900 to more than 2,000. The course opened this season with a plush new entrance and reception area.

Prize money stood at £759,000 for 23 fixtures this year, compared with £550,000 for 22 meetings two years ago.

Northern's real success has been to transform the venue into more than somewhere to watch the nags.

Corporate and social events are now a key source of revenue for the group.

There has also been something of a rebirth at the jump course in Fontwell which is now beginning to attract decent horses from leading trainers in search of the bigger cash prizes.

Northern yesterday said it would continue focusing on its "core" income areas of hospitality, sponsorship and event and venue hire as it "looked forward to the future with confidence".

Wednesday September 08, 2004