KARTING AUSTRALIA 2015 ANNUAL REPORT

Australian Karting Association Ltd 2015 Annual Report Released.

Australian Karting Association Ltd (Karting Australia) today released the 2015 Annual Report covering its second full year of operation since restructuring as a Company Limited by Guarantee.

The 57-page report outlines the progress made in both the business and sporting aspects of Australian karting following the changeover.

Highlights of the report include:
• Karting Australia’s strong financial result with an increased surplus of funds from trading activities;
• Continued growth in the financial equity in the company with an increase of more than 55% over the past three years;
• The strong uptake of new competition engines exceeded expectations;
• A slight overall increase in the number of new racing licence holders over both 2014 and 2013 with stable numbers of total licence holders over the three year period.

The strong financial result along with an improvement in the Association’s equity have allowed the Board to plan for the commencement of the all-important grassroots development programs and safety initiatives announced recently.

Karting Australia Chairman Mick Doohan believes significant progress has already been made over the past two years, the Association is at the start of a ‘long and exciting journey.’

“Over the past two years the Board and management have made fact based decisions that had to be made to create a well governed and managed organisation,” said Doohan.

“We undertook a review of the whole sport and the Board and numerous stakeholders have all played a role in contributing to our Strategic Plan which will guide the sport over the next three years.

“We have created a secure financial position to have the funds and resources to deliver on initiatives for our members.

“Our CEO and staff have achieved more in two years than we could have hoped for at the outset. Professional management has enabled us to achieve a strong financial return for our investment and allows us to confidently look too and plan for the future of the sport.”

Doohan has been encouraged by the significant take up of the new IAME and Vortex engines and the fact that licence numbers remained on par with the previous year throughout 2015.

“The initial uptake of new engines has exceeded predictions and is continuing strongly in the early months of 2016,” said Doohan.

“The number of licences issued and the number of new licences issued remained consistent with the ebbs and flows of competition licences issued over many years. That we finished the year slightly up on new licenses issued and on par with the total licences over the past three years is very positive.

“However, the very long standing issue of retention of competitors within the sport remains an issue and will be a focus for 2016 and beyond.”

Doohan concluded with confirming the Board’s dedication to see the sport prosper for many decades to come highlighting the sport.

To view the full report please click on the image below.