Wednesday 21 August 2019

Thomond Park profits hit by lack of tour match

Stopped short: Mike Haley of Munster tackled by Niyi Adeolokun of Connacht during a Guinness PRO14 match at Thomond Park where profits have halved. Photo: Sportsfile
Stopped short: Mike Haley of Munster tackled by Niyi Adeolokun of Connacht during a Guinness PRO14 match at Thomond Park where profits have halved. Photo: Sportsfile

Gordon Deegan

Operating profits at the firm which manages Munster Rugby HQ Thomond Park almost halved last year to €122,000.

The drop in operating profits at the Thomond Park Stadium Company DAC followed revenues reducing by 11pc from €2.577m to €2.28m in the 12 months to the end of June last.

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The operating profit is 49pc down on the operating profit of €234,000 recorded for the 2016/17 season. Stadium manager John Cantwell said that the drop in revenues "was driven by the absence of a touring team, namely the Maori All Blacks who played here in the prior season".

"There was decreased licence fee income and bar and catering revenues as a result." Mr Cantwell said that the company incurred non-cash depreciation costs of €880,000 last year and if this cost was taken into account, the stadium firm recorded a post-tax loss of €769,000 for the year.

"Overall, we are very happy with the financial performance of the stadium for the year 2017/18 which saw us continue along the same trend as the previous season and remain in a profit-generating position pre-depreciation.

"While our profit before depreciation decreased, this was predominantly driven by the absence of a touring team.

"Our conference and events revenue stream continues to be a success for the company."

Irish Independent

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