Brisbane Broncos announce win off the field at AGM with 9.5 per cent jump in profit during 2019-20 financial year
The Brisbane Broncos finally have something to celebrate, even if it’s not on the field.
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The Brisbane Broncos may be struggling on the field but the business behind the club is kicking goals.
Despite a global pandemic and ongoing speculation about the future of head coach Anthony Seibold, the company recorded a $2.3 million profit during the 2019-20 financial year, up 9.5 per cent on the previous 12 months.
Sponsorship revenue also grew by 5 per cent, while government funding to deliver more indigenous and community programs jumped by 25 per cent.
Brisbane Broncos Limited Chairman Karl Morris told shareholders at the Annual General Meeting on Tuesday the company’s balance sheet remained strong, with no external debt.
Sponsors have also remained with the club, as have members.
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But Mr Morris said there were tough times ahead, with the full impact of COVID-19 to be felt during the coming year.
“It is expected to result in a significant reduction in the group’s revenue and profits for the 2020 financial year,” he said, adding he could not forecast the exact downturn or how long it would take to recover.
Mr Morris said the company had been forced to make some tough decisions, but none seemed to include the sacking of its coach.
“In addition to widespread operational cost reductions across all areas, a review has been undertaken of the fixed cost base of the business, including remuneration levels, and both current and future staffing requirements,” he said.
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“In conducting this review, the board and management have taken a measured approach, balancing both the need for job preservation for when ‘business as usual’ resumes, whilst also considering the current and future operating environment of the NRL competition.”
The Brisbane Broncos are sitting 14th on the NRL ladder, with just three wins and seven losses.
They take on the third-placed Melbourne Storm at Suncorp Stadium in Brisbane on Friday night.