Broncos are back in the black as crowds boost bottom line
The Broncos are back in the black with an expected profit of $4.26 million for the 2021 year.
The Broncos bottom line improved on 2021 (Pic: Broncos)
The company, which is majority owned by News Ltd, posted a loss for the previous year of $470,000.
The result helped lift the share price more than 2 per cent to 74 cents.
The improved performance was based on improved crowd figures in 2021 compared with 2020 when Covid restrictions were in place.
“As a result, the group’s consumer and commercial revenue increased in line with the ability to deliver 2021 season benefits to members, fans, corporate partners and sponsors,” the company said.
“Incremental NRL funding above the base NRL club grant was also received in 2021.”
While the company was able to post a profit, its NRL team finished 14th on the table for the year.
Despite the better profit, the Broncos said game day and stadium operating costs increased with the return of crowds.
Community program costs also increased due to the expansion of the Beyond the Broncos Girls Academy and Careers Club programs. Restructuring costs also impacted earnings.
