The Toowoomba Turf Club (TTC) has reported its first profit in two years.
The club recorded a pre depreciation profit of $481,444 and a net profit of $192,000 for the 12 months ended July 30, compared to a net loss of $340,000 in the same period last year.
An extraordinary total profit of $10,846,772 is shown in the TTC books, which was arrived at due to the necessity (under accounting standards) to bring the entire grant income from Racing Queensland Limited (RQL) and the Queensland Government for the synthetic track to account as income in the current financial year.
TTC Chairman Bob Frappell said the profit was in line with his expectations and would have been even higher without the added cost of paying a debt to RQL.
“Last year I promised the members that this committee would work to return the club to profitability and increase the membership, and this is what has happened,” Mr Frappell said.
He said the club had to repay a debt of almost $700,000 to RQL for an extension to the Cushion Track and two years maintenance of the track.
“The club is now in charge of the maintenance of the Cushion Track for a much lower cost than the charges RQL was imposing on it.”
He added that the club has purchased its own tractors and machinery needed for track maintenance at a cost of $83,000.
The TTC’s annual financial report cited cutting unnecessary spending as a major strategy in turning the club around.
Savings were made in the catering department due to committee race day expenditure falling $17,000 from the previous year, and a substantial reduction in bar stock and improvement in the debtors situation has resulted in much stronger management and cash flow controls.
In the advertising sector the club noted considerable savings made in racebook printing costs and advertising, down $32,000 and $57,000 respectively.
The Chairman said the club is now focusing on the future, recently signing a nine year contract with Sky Racing worth $8 million and looking to upgrade its facilities.
“Many will have noticed the improvement in our horse stalls, functions areas, members area and new administration methods, and we will continue to build on this to draw strong crowds to the races,” Mr Frappell said.
“A particular area we are proud of is the member’s area, where we have a chef that is providing excellent meals and serving 50 to 70 patrons on most Saturday nights now, which has just grown monumentally over the past 12 months.”
He remains positive about the direction of the club, saying that the next committee will continue with the implementation of more efficient business practices throughout the club until all areas have been brought up to modern standards.
Story & Photo - Brandon Long
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