The Tote’s Annual Reports and Accounts were presented before Parliament on the 15th July 2008. 

Chief Executive Trevor Beaumont said:

“In what has been a very difficult year it gives me tremendous satisfaction that the business has been able to deliver an increase in turnover and profit. This has been achieved through an increase in gross win in all divisions and through managing costs.

“The pools business has enjoyed significant growth with total investments up 9.7% as a result of expansion in both international and domestic markets. This was also achieved despite adverse weather conditions that saw 83 race meetings abandoned as opposed to 55 the previous year.

“Retail performance however suffered at the operating profit level by increased costs in utilities, through evening opening, tax on gaming machines, and in the delivery of pictures and data to our customers. Also, although gambling compliance is very important to us, the new regulation comes at a cost that has had to be absorbed by the business.

Our remote business of internet and telephone gambling, although held back by the statutory limitations on peer to peer gaming, has benefited from the investment made in new systems, and the launch of new and exciting games.

“The importance of the Tote to racing should also be highlighted. Our contribution has not only increased by 6.2% to £11.9 million but the overall contribution has included increased sponsorship and grants being made available for racecourse improvements, most notably at Newmarket and Aintree, and of course through levy payments.”

Financial Summary for the group
· Group Turnover increased by 13.2% to £2,803.4 million
· Gross Profit increased by 3.1% to £163.6 million
· Operating Profit before exceptional items increased by 2.0% to £27.3 million
· Reduction in debt to £63.3 million from £71.9 million

Key operational aspects of the year
· All Divisions of the business grew both turnover and gross win
· A record turnover for a single day on-course on Gold Cup Day at Cheltenham in March 2008
· Continued investment in central pool betting systems and new pool bets, as well as racecourse pool positions
· Continued capital improvements to the retail estate
· Contribution to racing of £12 million for the year

Related Links

  tote Report and Accounts 2008