Reds looking good financially
NEWS: The Queensland Rugby Union Ltd (QRU) will report positive earnings before interest and depreciation of AUS$174 329 in 2016.
The organisation's bottom line loss for the 2016 financial year was AUS$789 380, an improvement of AUS$1 391 950 on 2015's loss of AUS$2 181 330.
In addition to the improved result, the QRU absorbed over AUS$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 percent 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 percent of Australia’s Super Rugby talent.
"In 2016 there were exciting participation gains in Queensland, especially within 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 percent 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 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.