The Australian Turf Club Ltd (ATC) will now embark on a new phase of growth and investment for its members and the racing industry.

The ATC recorded an operating profit and further reduced its legacy debt in the past financial year.

Total crowds across Sydney’s four metropolitan racecourses increased almost 20 per cent on the previous year, from 411,000 to 490,000, while ATC membership grew to 15,144, the Club’s 2014 Annual Report shows.

The ATC recorded an underlying operating profit of $3.784 million in the 2014 financial year – bringing the Club into the black for the first time since the merger of Sydney’s two metropolitan race clubs.

The 2014 Annual Report compares favourably with the previous year’s operating loss and shows the ATC has paid off $18 million in legacy debt from its announced asset sale program over the past 12 months.

More than 40 per cent of the Club’s legacy debt was paid off in the past 12 months. A further legacy debt reduction of 38 per cent is planned for the 2015 financial year from contracted asset sales.

The positive financial result means the ATC continues to be on track to grow and can focus on further investment at each of its racecourses to continue to deliver further benefits to the Club’s Members, customers and participants in Sydney racing.

The return to full use of Royal Randwick in the 12 months after the official opening of the Queen Elizabeth II Grandstand and surrounding redevelopment of the racecourse precinct is growing the Club’s revenue, on race days and for other events.

The ATC also plans to invest a further $400,000 in prizemoney increases over the next 12 months, for several upgraded races including the Schweppes Sydney Cup at The Championships.

Australian Turf Club Chief Executive Officer Darren Pearce said the Club’s Board of Directors and executive team had delivered on a promise made to ATC Members to return to surplus.

“This result is very pleasing, and is a turnaround in underlying profit of $8.65 million, but it’s only the start,’’ Mr Pearce said.

“It also shows that the tough decisions we took and the Club’s strategic focus over the past four years since merger are now returning dividends.

“Since merger we have gone through the construction phase of Royal Randwick, followed by financial consolidation, and we are now in a good position to enter a growth and investment phase as the business returns to growing profitability, and legacy debt is being repaid.

“We will soon begin work on the Rosehill Gardens refurbishment and we are also looking at developing land that we own around the fringes at Canterbury Park, whilst continuing to maintain full racing operations.

“Light rail is also going to bring enormous benefits to Royal Randwick and we will continue to deliver on the masterplan around that, and also at Rosehill Gardens, including the possibility of a licensed Club and further development as part of the Camellia Precinct.’’

The Full ATC Annual Report For 2014 Can Be Viewed Here