LONDON, July 2, 2026, 16:06 BST
- Newbury Racecourse last traded at a 490p mid-price on AQSE, with turnover of £495.91 by the time of the dateline.
- The £16.41 million market value is about 34% of the reported 2025 net assets, £47.75 million.
- ITV put Newbury’s Coral Challow Hurdle on its Christmas racing lineup, slotting the race for Dec. 29 as part of the network’s four-day broadcast plan.
Newbury Racecourse PLC AQSE:NYR traded at a steep discount to its most recent book value Thursday. The Aquis-listed racecourse operator saw little trading action, though it added more fixtures to its 2026 schedule. As of 16:06 BST, AQSE was open as usual; July 2 wasn’t among the 2026 holiday dates posted by the exchange.
Shares traded at 480p on the bid, 500p ask, with the mid at 490p. Market cap stood at £16.41 million. Only one trade went through Thursday on Aquis—101 shares at 491p at 11:37 BST for £495.91.
| Aquis screen, July 2 | Value |
|---|---|
| Bid / ask | 480p / 500p |
| Mid price | 490p |
| Market cap | £16.41 mln |
| Trades by 16:06 BST | 1 |
| Volume | 101 shares |
| Trade value | £495.91 |
| Bid-ask spread vs mid | 4.1% |
The figures have the market valuing Newbury at about 34p for each pound of stated net assets. Net assets stood at £47.75 million as of Dec. 31, 2025, which is about 1,426p per share versus the 490p mid-market price. That’s the main issue for investors: shares look cheap compared to assets, but trading is so thin that the latest price can’t be taken as a true clearing price.
| Measure | Value | Read-through |
|---|---|---|
| Market cap | £16.41 mln | Aquis quote |
| 2025 net assets | £47.75 mln | Reported balance sheet |
| Price/book | 0.34x | Derived |
| Discount to book | 65.6% | Derived |
| Net asset value per share | 1,426p | Derived |
| Market cap / 2025 revenue | 0.70x | Derived |
| Dividend yield at 490p | 1.2% | Based on 6p final dividend |
Newbury finished 2025 with zero debt, cash and short-term deposits close to £8.8 million, and net current assets of £10.3 million. When you take net current assets out of the equity value, the market prices the fixed-asset base and operating franchise at about £6.1 million, while tangible fixed assets and investment property are on the books at £41.5 million. That’s a derived figure, not a liquidation value.
Operating results held up better than the stock price. Revenue was up 6% for 2025. Profit before tax ticked up to £1.11 million. Race-day attendance jumped 24% to 165,492. Still, costs rose 8% as inflation, minimum wage hikes, National Insurance, utilities and higher concert spending pushed up the cost base, the company said.
| 2025 result | 2025 | 2024 | Change |
|---|---|---|---|
| Revenue | £23.38 mln | £22.04 mln | +6% |
| Pretax profit | £1.11 mln | £1.10 mln | +1% |
| Profit after tax | £0.65 mln | £0.79 mln | -19% |
| Race-day attendance | 165,492 | 133,896 | +24% |
| Party in the Paddock attendance | 45,063 | 18,953 | +138% |
| Prize money | £7.04 mln | £6.87 mln | +2% |
| Final dividend | 6p | 6p | flat |
Chairman Dominic Burke told the June AGM that “2025 was a strong financial year” as the company posted its highest revenue and record prize money. He said future changes to prize money will rely on the British Horseracing Authority fixtures review and how the business performs. Investegate
BHA said Thursday the Coral Challow Hurdle at Newbury will wrap up ITV’s four-day Christmas racing stretch, running Dec. 26-29. Newbury chief executive Shaun Hinds called the Challow meeting a “family favourite” and said Newbury was “delighted” to host the final leg. The update is operational and not a new regulatory filing. Britishhorseracing
Looking short term, Newbury’s visitor guide lists a Summer Evening Series event Thursday, featuring The 70s Disco. Gates open at 4:30 p.m., with six races starting at 6:15 p.m. through 9 p.m., and an afterparty slated for 9:10 p.m. The July run draws attention since last year’s four Party in the Paddock concerts pushed total attendance over double to 45,063.
Shareholders signed off on the 6p final dividend at the June 5 AGM. The payout is set for July 3. Shares went ex-dividend on June 11, the preliminary results said. Investegate’s RNS feed listed Newbury’s last regulatory updates as the June 5 AGM statement and result. No July RNS showed up as of the dateline.
