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Broncos profit surges, but club warns it's a weird season

Business

The off-field performance of embattled NRL club the Brisbane Broncos continues to improve with the company forecasting a pre-tax profit for the June 30 half year of $3.17 million.

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The company’s share price has also picked up as management of the club has changed, but the team languishes at second last on the ladder within only a handful of wins.

The forecast profit compares to earnings in the pandemic-restricted 2020 first half of about $20,000, but the club warned that investors should not take the first half result as indicative of how it will perform over the full year.

It said the pandemic and its impact on crowds made forecasting impossible.

The Broncos said the boost came from the return of game-day crowds. The average for the six home games during the period was 22,691.

“Sponsorship revenue increased 25 per cent on the comparative period, reflecting the ability to deliver game-day and associated benefits throughout the 2021 season,” the club said.

“The support from our sponsor family has been exceptional.”

However, the club faced increased stadium operation expenses as well as player salary costs.

“It is anticipated that the evolving situation with respect to the impact of the COVID-19 outbreak on the NRL competition and the Brisbane Broncos will continue to create uncertainty for the remainder of the 2021 season,” the club said.

“Together with the NRL, clubs are working through scheduling, funding and game day logistics for future matches to ensure the competition can continue in a modified format.”

It said revenue and costs could continue to be affected by these issues and it could not accurately predict the impact on the full year profit.

 

 

 

 

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