DFP – Head Script

Rhinos remain most profitable Super League club despite tough season

9th August 2017 | 10:00 am

By Phil Daly

Lewis Jones Suite

Leeds Cricket, Football and Athletic Company Limited, the owners of Leeds Rhinos, have published their annual accounts for the 2016 season, with the club once again making a six figure profit despite a challenging year on and off the pitch.

WP – In Article MPU

Leeds Cricket, Football and Athletic Company Limited, the owners of Leeds Rhinos, have published their annual accounts for the 2016 season, with the club once again making a six figure profit despite a challenging year on and off the pitch.

2015 had been a record-breaking year for the Rhinos on the back of the team’s Treble success creating a tough position to replicate in the following twelve months. However, the combination of losing influential players to retirement, long- term injuries to many players and the loss of use of the training ground and facilities for a long period due to flooding proved sizeable hurdles to overcome. The facility, which was fully insured, was re-opened in July 2016 after undergoing extensive works. It was the sixth consecutive season the club has made a profit and the 13th time in 15 years.

Operationally, turnover in 2016 fell by 13.47% in the main due to the absence of significant prize money and the level of retail sales enjoyed in the previous successful year. Gate receipts were behind on budget with Super League gate receipts down by 4%. Corporate sales enjoyed another good year however and the World Club Challenge generated a ‘one off’ source of income similar to the international friendly against New Zealand the previous year. The other revenue streams were generally on budget and the overheads were maintained at budgeted levels.

Given the adverse circumstances faced by the club this year the directors are pleased that control was maintained where possible and all staff ‘rallied to the cause’ which resulted in a profit before tax of £371,381.

The major stadium re-development will soon be underway. The South stand on the rugby side and the North stand overlooking both the rugby and cricket sides of the stadium will be replaced. The cost will be covered by both internal and external funding and South stand demolition works are now planned to start in August soon to be followed by the demolition of the North stand.

The risk of the repeat of the flooding will always be a threat but there are plans to seek a solution to enhance the defences and create a flood plain in a nearby proximity.

Chief Executive Gary Hetherington commented, “It is a good result in difficult circumstances and the surplus will again be invested into our people and facilities.”