Thursday 21 June 2018

Munster's success boosts stadium firm

Simon Zebo with daughter Sofia after the Guinness PRO14 semi-final play-off tie between Munster and Edinburgh at Thomond Park
Simon Zebo with daughter Sofia after the Guinness PRO14 semi-final play-off tie between Munster and Edinburgh at Thomond Park

Gordon Deegan

The company behind Thomond Park last year returned to profit on the back of attendances at the Munster stadium doubling for the 2016/17 season.

New accounts show that Thomond Park Stadium Company recorded an operating profit of €234,000 in the 12 months to the end of June last.

This followed the company recording an operating loss of €150,000 in the prior year - a positive swing of €384,000.

Stadium manager John Cantwell confirmed that revenues at the company increased by 30pc - going from €2m to €2.6m for the year.

He said this was driven by the additional knock-out matches at Thomond - the PRO12 semi-final and Champions Cup quarter-final plus the match against the Maori All Blacks.

"There was additional license fee income and bar and catering revenues resulting from these matches." he said: "We are very happy with the financial performance of the stadium for the year 2016/17 which saw us return to a profit generating position (pre-depreciation). 

"We continue to be heavily dependent on the success of the Munster team and we are constantly looking to ways of driving our non-matchday revenue."

In terms of the current year, Mr Cantwell added: "We are expecting a reduction in revenues this season as last year was exceptional but we will still be in a profit-making position with cash flow similar to 2016/17."

Mr Cantwell said the company incurred non-cash depreciation costs of €1m last year and if this cost was taken into account, the stadium recorded a post-tax loss of €774,000 for the year.

Numbers employed by the stadium company remained at eight and staff costs increased to €359,346.

Irish Independent

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