The Jockey Club grows revenue as profit falls under cost pressure

The Jockey Club lifted turnover to £250 million in 2025 and pushed aggregate attendance across its racecourses to 1.474 million, even as core operating profit fell to £12.6 million under heavier costs. The group staged 10 fewer fixtures than the year before, yet still drew more paid racegoers.

The Jockey Club distributed £58 million in 2025, up from £56.9 million, and contributed £30.1 million from its own resources. Average total prize money per fixture rose to £189,250 from £180,000, while executive contribution per fixture increased to £98,045 from £94,000.

Core operating profit was down from £19.2 million in 2024, when stronger revenue, lower electricity prices and business rates refunds helped cushion the result. Cost inflation, higher spending on customer experience at Cheltenham and the absence of one-off business rates rebates drove the result. Capital expenditure also rose to £11.7 million from £11.3 million, with money going into racecourse infrastructure, property and estate improvements, plus digital ticketing and business systems.

Cheltenham received significant customer-experience investment in 2024/25, focused on car parking, the welcome racegoers receive and customer service. It also increased Cheltenham Festival prize money by £115,000 to £4.93 million.

British racecourse attendance reached 5.031 million in 2025, the first time it had moved above 5 million since 2019, while average attendance rose 3.6 percent to 3,526. British prize money also climbed 3.5 percent to £194.7 million, with Flat prize money up 3.1 percent to £135.2 million and Jump prize money up 4.4 percent to £59.5 million. Jim Mullen was appointed group chief executive on March 31, 2025. The Jockey Club’s net debt improved to £50 million, down from £51.7 million a year earlier and far below its 2015 peak of £105.8 million.