6 RACING AUSTRALIA ANNUAL REPORT 2023 The 2023 Financial Year was one of significant change for Racing Australia as we continued to recover from the impacts of COVID-19 and staff changes. During the year a number of new staff were appointed to fill key vacancies. I joined the business in September 2022 with Mr Con Horaitis appointed as Chief Information Officer in October 2022 and Mr Peter Kite appointed as General Counsel in March 2023. During the period we have continued our focus • To support the operations of the Thoroughbred Industry (racing and breeding) • To support the maintenance of employment within the industry • To ensure equine welfare retained prominence I take this opportunity to congratulate and thank all Racing Australia staff who have continued to provide uninterrupted services to the Australian Racing and Breeding Industries over this period of change. FINANCIAL RESULTS The 30 June 2023 consolidated result inclusive of depreciation, amortisation and impairment expense was a surplus of $2.136 million compared to a surplus of $2.184 million the previous financial year 30 June 2022. Exclusive of depreciation, amortisation and impairment expenses the consolidated result for 30 June 2023 was $5.025 million versus $5.653 million at 30 June 2022. The decrease of $628k was driven by a reduction in consolidated revenue along with an increase in employee costs and legal and consulting fees as consulting support services engaged to bridge vacant roles were filled and Racing Australia transitioned back to direct employment. Consolidated revenue fell $45k from $15.991 million at 30 June 2022 to $15.946 million at 30 June 2023. This was driven by revenue from Racing Australia services increasing $371k due to increases in the volume of services delivered to the industry along with increased interest revenue, offset by the one off recognition in the 2022 financial year of $487k of New Zealand Thoroughbred Racing SNS Project revenue. Consolidated expenses remained stable at $13.810 million as at 30 June 2023 versus $13.807 million at 30 June 2022. Cash reserves increased from $10.495 million at 30 June 2022 to $10.784 million at 30 June 2023. OPERATIONS Racing Australia continued to invest in its internal systems and the ongoing development of systems to support the industry. Specific projects that were completed or commenced in the period targeted improvements to the stability, reliability and security of Racing Australia’s systems and include: • Finalisation of the renewal of all equipment that the core Racing Australia systems operate on to deliver improved performance and reliability. • Implementation of a cyber security system to protect Racing Australia systems (and data) from attack from hackers and data corruption/encryption fraud. • Implementation of cloud based communications systems to provide reliable work anywhere capabilities for all staff. • Implementation of managed upgrade services to ensure all Racing Australia systems operate on current technology that delivers secure and reliable service. CHIEF EXECUTIVE OFFICER’S REPORT During the 2022 – 2023 year Racing Australia has laid the foundations for significant changes in future service delivery that will deliver benefits to the racing and breeding industry.
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