Saints reveal six-figure financial loss

Chairman Eamonn McManus said the latest figures showed the club's finances were in a healthy state
Chairman Eamonn McManus said the latest figures showed the club's finances were in a healthy state

Saints finances have continued to strengthen for the second year running despite the club recording a six-figure loss.

However, revenues increased and the club made a pre-tax profit in the 2015 financial year.

Encouragingly, it is the first time in six years losses have dropped below the £1m mark.

Chairman Eamonn McManus said the figures reflect the “healthy state” of the club’s finances.

Other headlines include:

* Revenues increasing by around 10 per cent

* Incoming cash stood at £7,124,794 in 2014 and is up to £7,771,921 in 2015

* Earnings before interest, tax and depreciation also improved from a loss of £371,211 in 2014 to a profit of £30,715 in 2015

After interest, tax and depreciation, the club made a loss of £622,000.

The results are for the financial year ending 31 October 2015.

On a less positive note, Mr McManus hinted that poor rugby results during the first half of 2016 had created a more challenging current financial position.

“The results reflect the healthy state of the Club’s financial position and commercial performance,” he said.

“This arises from our strong balance sheet position and the improved income generating opportunities emanating from our new stadium. I’d like to put on record my appreciation of all the hard working and professional staff at the club.

“The financial position is undoubtedly more challenging in the 2016 season, deriving largely from a number of months when the rugby results were not as we would hope for and expect. This inevitably had a detrimental effect on crowd numbers and their related revenue streams.

“That said, the robust and diversified business model of the club, and our ability to generate material non-rugby related income through the magnificent conferencing and hospitality opportunities which our new stadium offers, means that we can still expect a solid set of financial results in 2016.

“Most importantly, the balance sheet and brand of the club each remain very strong and provide the platform for continued financial improvement in the medium and long terms.”