IGB FINANCIAL UPDATE

IGB

Following a special meeting yesterday of the Board of Bord na gCon on the challenges facing the industry arising from Covid-19, the Board has agreed an objective of maintaining ordinary prizemoney race grants at current levels for 2020 subject to the following:

  • - An increase in ordinary race entry fee from €10 to €15 (entry fees have remained unchanged since conversion to € in 2002) from resumption of racing activity.
  • - Maintain entry fee at €10 for SIS meetings but on basis of a restructured prize money model as set out below. The revised model will come into effect on resumption of SIS activity and will apply to all SIS race meetings at Mullingar, Tralee, Youghal, Kilkenny, Waterford, Cork and Limerick.

 Proposed SIS Prizemoney Structure

The Board has also committed to continuing its programme of cost reduction and restructuring across all areas of the business.  Payroll costs (as per annual accounts) have reduced from in excess of €9M in 2015 to €8.162M in 2019.  The reduction in payroll costs during 2019 was €240K.  Further reductions in costs are expected and anticipated for 2020.

 

Our key focus in the area of care and welfare has been maintained throughout the period of suspension of activity with the Covid 19 Greyhound Care Payment Scheme and the advancement of major initiatives including the Greyhound Traceability System which is well advanced and will be operational in Q4 2020.

The Board is confident that the resumption of all activity over the coming months, in accordance with the Government Roadmap, will be of significant assistance in improving overall commercial performance. Restaurants at all our stadia will reopen for business on 29th June and operate in full compliance with all Covid 19 protocols.

The Board looks forward to delivering an intensive schedule of racing events in the remaining period of 2020.