RACE releases 2023 financial results

Racing Australia Consolidated Enterprises Ltd (RACE), the owner of the Repco Supercars Championship, today announced its financial results for the 12 months to 31 December 2023.

The results include a 12.5% increase in revenue, to $126.57 million, and a 16.2% increase in normalised earnings before interest, tax, depreciation and amortisation to $6.82 million.

RACE Chairman, Barclay Nettlefold, said: "The 2023 accounts* demonstrate the underlying strength of Supercars in terms of revenue and earnings.

"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."

Supercars reported solid revenue growth, in part because of the return of the Newcastle event. Across 2023, sponsorship revenue up 16.4% to $40.4 million, ticket income up 28.3% to $16.3 million and corporate hospitality income up 34.4% to $12.1 million.

The 2023 statutory results were affected by $20.5 million of one-off items, including Gen3 payments to the racing teams, a strategic investment to optimise the number of Teams Racing Charters, and the write down of balance sheet items that were no longer required.

Mr Nettlefold said that putting aside the significant items, the 2023 financial results highlighted the strength and success of – and strong outlook for – Supercars: "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."

*The 2023 financial year was a 12-month period, while the reported 2022 year covered 15 months, from RACE’s acquisition of Supercars in September 2021 to December 2022.