Last year, officials at the top-flight track brought in £5.9m from race meets, conference bookings, the golf course and nursery - up 5.4 per cent on 2002, according to accounts released this week.

Course managers have spent £2m upgrading the Hampshire stand - and adding the new Hennessy restaurant - using the proceeds of the £6m land sale for 180 new homes in New Road to clear debts.

But with doubts over the viability of an all-weather track, and a fall in income from Channel 4 TV rights, the board is depending on people spending more on racedays to boost profits further.

Racecourse chairman Sir David Sieff said: "Over the past three years, there have been major improvements to our raceday, dining and conference facilities. There is still more to be done including, as a priority, providing enhanced facilities for our annual members.

"The out-turn for this year remains uncertain, due to the termination of the Attheraces contract, however we remain very excited and optimistic about the future development of the racecourse."

The £5m profit compares with £1.5m for 2002, but in addition to horseracing activities, sales were up six per cent at the golf club and nursery - both of which now account for 15 per cent of business. As a result of the good year, chief executive Mark Kershaw, aged 49, was handed a £412,000 bonus in share options.

The £27m racecourse is part owned by Guinness Peat Group, Lady Lloyd Webber and Compton Beauchamp Estates.