Fewer Munster matches in 2013 sees stadium profits at Thomond Park fall by 20pc
Operating profits at the firm that runs Thomond Park stadium fell by 20pc last year, to €284,000, as fewer matches were played at the stadium.
Sales were pushed down by 7pc – to €1.99m – in the 12 months to the end of last June.
Operating profits recorded last year represent a drop of 54pc on the €612,000 operating profits recorded in 2011 when revenues topped €2.65m.
"We are satisfied with the financial performance of the company," said stadium manager John Cantwell. "Despite the challenging economic environment, we are generating a cash-flow surplus."
The accounts lodged by Thomond Park Stadium Ltd with the Companies Office show a post-tax loss of €1.1m in 2013, following a post tax-loss of €1.35m in 2012.
Mr Cantwell pointed out that the 2013 post-tax loss included a non-cash deprecation cost of €1.35m along with loan interest payments of €36,000.
"While the financial results were slightly down on the previous year, this is due to the reduced number of Munster matches in the stadium, as in 2011/12 we had one knock-out match, but didn't have one in 2012/13," Mr Cantwell added.
Mr Cantwell said that income from the Bruce Springsteen concert that took place last July will feature in this year's accounts.
"We do expect revenue to increase in 2013/14 due to the additional Munster Heineken Cup quarter-final and due to the fact that we have taken over the operation of our public bars within the stadium," Mr Cantwell said.
"Previously, these were operated by a third party but following the expiry of the contract we decided to bring these in-house. We do expect a corresponding increase in costs in year one, but we also expect the long-term benefit to far outweigh the costs."
The filings show that the firm had shareholder funds totalling €7.682m at the end of June last after a capital contribution of €13.9m and accumulated losses of €6.3m were taken into account.