Ascot Racecourse saw it’s pre-tax profits rise by 16% to £5.1 million last year, according to the latest set of financial results which were published on Monday.

Only a week away from Royal Ascot 2017, the healthy rise in profits was boosted by a 10% increase in ticket sales to last year’s five-day mid-June showpiece event.

Turnover was up by 6.7% owing to strong performance from both Royal Ascot and racedays throughout the year. Increased media rights income also played its part in boosting this figure.

Ascot chief executive, Guy Henderson, said: “2016 was another year of solid financial performance and operational improvement.

“The current year has developed in line with management expectations and we are well set for the Royal Meeting.

“We are all excited about the opening of the new Village Enclosure, the first new enclosure since the Five Shilling Stand was opened in 1908, continuing our strategy of increasing choice and reducing crowd density in other enclosures.

2016 was another year of solid financial performance

“The continuing growth in our international appeal is pleasing. In 2017, we particularly look forward to Royal Ascot being broadcast live across the US on NBC for 5 hours every day.”

On top of this, net debt has been reduced by £9.8 million to £71.8 million. The bank loan was restructured during the year and the repayment profile was amended to provide greater liquidity for the business.

Prize money increased by £1.2 million between 2015 and 2016 with total prize money for each day of Royal Ascot last year worth at least £1 million.