Harness Racing Victoria outlined the industry’s FY26 performance, FY27 forecast and strategic challenges and opportunities at its Annual Presentation at Bendigo Harness Racing Club last night.
HRV Chair Bernard Saundry and HRV CEO Matt Isaacs hosted participants from all sectors of the industry in the open meeting, which was broadcast live on TrotsVision.
“Over the last 12 months, harness racing has gone through a financial reset and we’ve moved from a deficit position to a modest surplus,” Saundry told the forum.
“We acknowledge this required difficult decisions, discipline, and a willingness to challenge old assumptions, and the reality is, we have to continue to do that.”
Saundry acknowledged the impact of recent financial decisions on participants, clubs and stakeholders, while reinforcing HRV’s focus on building a sustainable footing for the industry.
“We are here for the long haul,” he said. “The size and the shape of that industry will be determined by our actions and the actions of our industry.”
Isaacs said the industry was reporting a management EBITDA of almost $1 million for FY26.
“We’ve roughly taken out $33 million in the last three years,” Isaacs said, reducing the organisation’s size, streamlining processes and driving down costs to sustainable levels.
“We continue to work on areas that drive revenue and drive performance of the business (and) we will continue to expand our thinking to non-wagering revenue opportunities in the future,” Isaacs said.
“The biggest challenge we have is foals. We are not breeding the horses to be able to sustain our racing. Our industry will be as big as we all decide it to be based on how many horses are here.”
Isaacs said HRV was forecasting a loss in FY27, largely due to inflation outpacing revenue growth, but remained cost-focus to minimise any deficit.
“We need to operate this as a business and businesses can’t lose money. By 2028 Harness Racing Victoria will move from a government statutory body to a private entity, and being a private entity we need to ensure we have the asset base and cash flow to meet the obligations of ASIC and ensuring our industry is financially fit,” Isaacs said.
“We have a better, leaner organisation, which allows us to grow off the right platform. To be clear, we have a few challenges, a few headwinds, so we need to continue to find ways we can grow outside of (wagering).”
