As reported by Speedcafe back in March, RACE was facing a financial turnaround after reporting a loss of $2.7 million in its first full year of owning Supercars.
That has now been confirmed with the 12-month financial statement for 2023 including $126.57 million in revenue, a 12.5 percent increase, and $6.82 million in normalised earnings, a 16.2 percent increase.
Those increases come despite investments such as the one-off Gen3 payments to teams that totalled $20.5 million and the development of the new Supercars website and app.
The short-lived return of Newcastle helped boost the revenue, with the total sponsorship revenue at $40.4 million (16.4 per cent increase), ticket income at $16.3 million (up 28.3 per cent) and corporate hospitality income at $12.1 million (up 34.4 per cent).
“The 2023 accounts demonstrate the underlying strength of Supercars in terms of revenue and earnings,” said RACE chairman Barclay Nettlefold.
“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 programme, 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.
“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.”
