Brumbies Rugby post $178,005 operating profit

At their Annual General Meeting in Canberra overnight, Brumbies Rugby announced an operating profit for the 2004 Championship winning season of $178,005.

The meeting also conducted the election for the three vacant board positions. Geoff Larkham was re-elected as President for a second term while Chairman Peter McGrath and Dick Cordy were re-elected unopposed.

Brumbies Rugby Chief Executive Rob Clarke says the operating profit was a pleasing result.

"Our average crowds were in excess of 21,500, our corporate hospitality was sold out and our sponsorship roster was in excess of $3 million dollars. We invested over $1.1 million dollars in community rugby and established our new alliance with rugby in Southern New South Wales. We've enjoyed growth in all areas of our business and are well placed as move into our tenth anniversary season," said Clarke.

Following the encouraging financial performance of 2004, the Brumbies board endorsed a recommendation by their management and auditors, Deloittes, to resolve some lingering financial matters from prior years and clean up the balance sheet.

Senior auditing partner at Deloitte, Jed Stenhouse, said taking the charge against the strong yearly performance was prudent and will help to build a strong financial platform for the future.

"This is the right decision at this time. There have been some unresolved issues from the past and the strong performance of 2004 has given the Brumbies the opportunity to finally address them. In terms of managing the business, this is a prudent and appropriate financial decision by the board and has our complete endorsement and support."

Mr Clarke also took the opportunity at the meeting to preview the 2005 tenth anniversary season.

"We are budgeting for another significant profit next season. All commercial indicators are healthy. Sponsorship, hospitality, merchandise and membership will all grow. It's shaping up as another great season for the supporters of our team".