TOTE Ireland has moved from being a perennial loss-making entity to a “break-even situation” in 2023 and its directors are projecting the company will be profit-making from 2024 onwards.

According to the latest accounts for the subsidiary of Horse Racing Ireland, the Tote lost €213,723 in 2022, a major improvement on the €1.1 million loss recorded in 2021.

The auditor general noted: “The company continues to re-establish itself after the effects of Covid-19. The business experienced a normalisation of trading conditions in 2022.”

Noting the “significant improvement” in the accounts, the auditors said: “The directors are projecting a break-even position for 2023 and are similarly projecting that the business will be profit-making from 2024 onwards.”

Final accounts for 2022 for HRI Racecourses were also lodged with the Oireachtas just before Christmas and they show that Fairyhouse (€428,644), Navan (€142,223), Tipperary (€74,471) and Cork (€7,637) were all in profit for the year.

Leopardstown recorded a loss of €113,591 in 2022.