6 RACING AUSTRALIA ANNUAL REPORT 2024 The 2024 Financial Year was one of continuing change for Racing Australia as we focussed on improvements in traceability, data integrity and improvements in cyber security. Our IT team significantly reduced backlogs around existing system development and enhancements and moved closer to the re-release of the MHR Owners system. 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, especially the senior management team, who have worked hard to ensure we continue to provide uninterrupted services to the Australian Racing and Breeding Industries. FINANCIAL RESULTS The 30 June 2024 consolidated result inclusive of depreciation, amortisation and impairment expense was a deficit of $0.259 million compared to a surplus of $2.136 million the previous financial year 30 June 2023. This deficit was primarily driven by the recognition of the $2.356 million impairment against the carrying value of the New Zealand development work. Exclusive of depreciation, amortisation and impairment expenses the consolidated result for 30 June 2024 was $4.667 million versus $5.025 million at 30 June 2023. The decrease of $358k was predominantly driven by an increase in consolidated revenue of $64k offset by an increase in employee costs due to the filling of vacant roles during the year of $247k, an increase in administrative costs of $228k and an increase in equine testing costs of $57k. All other expenses remained static with the exception of Legal and consulting fees which decreased by $125k. Consolidated revenue rose $64k from $15.946 million at 30 June 2023 to $16.010 million at 30 June 2024. Consolidated expenses excluding the impairment against the carrying value of the New Zealand development work increased $103k to $13.913 million as at 30 June 2024 versus $13.810 million at 30 June 2023. Cash reserves increased from $10.784 million at 30 June 2023 to $13.416 million at 30 June 2024. 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: • Upgrade of all core operating systems to current standards to deliver improved performance, reliability and security. • Continued development of the cyber security system, following the outcomes of an independent Cyber Security Review, to protect Racing Australia systems (and data) from attack from hackers and data corruption/encryption fraud. • Improvements to Business Continuity and Disaster Recovery Systems following a test of the Disaster Recovery System to ensure any failures have minimal impact on the operation of racing. CHIEF EXECUTIVE OFFICER’S REPORT During the 2023 - 2024 year, Racing Australia focused on strengthening traceability, data integrity, and cyber security, while advancing system enhancements like the MHR Owners portal and supporting equine welfare and industry employment.
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