QRU to report $1.5m improvement in 2016 against 2015
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Loading...The Queensland Rugby Union Ltd (QRU) will report positive earnings before interest and depreciation (EBITDA) of $174,329 in 2016 which compares favourably with its reported 2015 EBITDA loss of $1,310,546, when it holds its Annual General Meeting on March 11.
The organisation’s bottom line loss for the 2016 financial year was $789,380, an improvement of $1,391,950 on 2015’s loss of $2,181,330.
In addition to the improved result, the QRU absorbed over $1 million in one-off and restructuring costs as part of a streamlining of operations, which has continued in the first quarter of 2017.
QRU Chairman Damien Frawley said: “At a Board level, we have continued to implement an urgent and proactive approach to the financial challenges faced by the organisation. The organisational changes and restructuring undertaken in 2016 will enable the organisation to emerge from a period of financial hardship, and create a sustainable platform for growth.
“Notably, the QRU achieved 100% completion of its ARU-funded initiatives in 2016 – primarily focusing on Community Rugby – and will continue to do so in 2017. The QRU invests approximately $5m into Rugby in Queensland – arguably the largest investment among Australian Rugby franchises – and delivers around 38% of Australia’s Super Rugby talent.
“In 2016 there were exciting participation gains in Queensland, especially in the women’s game where girls and young women are engaging in Rugby following the success of the Australian women’s sevens team at the Olympic games – 50% of that squad emerged from Queensland.
“The significant age-group successes within the QRU pathway system in 2016 were partly offset by a disappointing season for the St. George Queensland Reds.
“However, we are confident that the appointment of Nick Stiles and his coaching team late last year and several outstanding Reds recruits will result in a significant improvement for the Reds in the 2017 Super Rugby season,” he added.
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