The annual report for Rásaíocht Con Éireann (RCE) reveals a significant decline in profits, despite a substantial increase in revenue from race activities. The agency’s profits almost doubled from €8.8m to €18.8m, but operating costs associated with racing and tote activities surged from €10.2m to €19m, resulting in a deficit of €200,805.
Additionally, RCE received a State grant of €17.6m, while the Government has increased its allocation for 2023 to €18.2m. However, increased expenditure from €15.8m to €17.2m resulted in a sharp reduction in profits.
Addressing the financial performance, Chairman of RCE, Frank Nyhan, expressed optimism for the future, stating that 2022 was a year of recovery for the greyhound industry after a turbulent period. He emphasized the positive outlook for 2022.
Furthermore, the report highlights that attendance at greyhound racing events increased significantly, with 322,124 patrons attending in 2022, compared to 158,029 in 2021.
The report also addresses concerns regarding animal welfare, following an investigation by RTÉ Investigates in 2019. It states that RCE is actively expanding its care and welfare program to address these concerns.
Allocations for the Greyhound Care Fund and legal and professional fees have significantly increased compared to the previous year, reflecting the agency’s commitment to improving welfare and ensuring compliance.
Despite the decline in profits, RCE recorded an operating surplus of €1.68m, with net non-cash depreciation costs of €597,417, resulting in a pre-tax profit of €1.08m.
The report also highlights the increase in welfare inspections, indicating a commitment to improving care and welfare standards within the industry.
Regarding financial matters, RCE has allocated funds to traceability, care, and welfare, signifying the agency’s dedication to these important aspects. Additionally, efforts are being made to review and revise the Vat framework for the agency’s activities.
In light of this review, RCE has set aside a provision of €200,000 to address any potential liabilities that may arise.
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