Racecourse operator Northern Racing found the going good last year with a 30.3 per cent rise in pretax profits to #4.3 million.

Operating profits for the Staffordshire-based company rose 40 per cent on a like-for-like basis to #3.5 million, while turnover for the year to December 31 jumped from #29.4 million to #30.6 million.

Earnings per share showed an increase of 15 per cent to 9.2p. The dividend payment is increased from 1.33p to 1.46p per share.

Northern Racing, which owns and operates nine courses, including Uttoxeter, Chepstow and Hereford, said its form had continued into 2006.

Chairman Graham Stow told shareholders: "The challenge in the year was to make up for the shortfall in media rights income due to the closure of the original Attheraces channel.

"This was successfully achieved through increasing profits from our commercial activities."

The group invested #3.6 million in its facilities in 2005, including #1.4 million on new stables, #200,000 on investment in track facilities, #600,000 on new hospitality boxes at Brighton and owners and trainers facilities at Fontwell.

During 2006, it intends to complete work on stables at Bath and Fontwell, create improved owners and trainers facilities at Chepstow and install rubberised bricking on the parade rings at Bath, Yarmouth, Brighton and Newcastle.

Mr Stow added: "We have continued to invest in both our assets and our product.

"We continue to lead the way with our innovative owners and trainers policy and our prize money has again increased for the fourth consecutive year."

The year had also see the rollout of the restaurant brands Hoops and Silks at a number of courses.

Mr Stow continued: "The group has made a good start to this financial year despite a number of weather related abandonments.

"To supplement our core business profits in March 2006 we announced the sale of land at Fontwell Park to Mitchell's & Butler for #900,000 realising a profit of approximately #600,000.

"We will continue to invest in the facilities and focus on maximising the commercial value of each of our courses. We look forward to the future with confidence."

Managing director Rodney Street said the group was encouraged by the performance of the new Attheraces, with all its racecourses' fixtures being shown live on the free to view Sky channel.

"During 2005, Attheraces was officially recognised as the most watched dedicated horseracing channel by the Broadcasters' Audience Research Bureau. Approximately 1.2 million individual viewers tuned in every month with average audiences of between 40,000 and 50,000 people watching at any one time."