Bath Rugby has reported significantly increased turnover and a 40 per cent reduction in net loss for the 2014/15 financial year, as the Club moves closer to its goal of becoming self-sustainable.
The results for the year ending 30th June 2015 show a 24% growth in turnover to £14.6m (2014: £11.8m), and a 40% reduction in net loss for the financial year to £1.8m (2014: £3m), despite significant investment. Performance for the year to 30th June 2016 will improve again with the Club targeting a net loss of less than £1million and expecting to operate at breakeven from a cash flow perspective.
Tarquin McDonald, Managing Director of Bath Rugby, said: “The 2014/15 season saw some fantastic performances on the pitch as we reached the quarter final of the European Champions Cup, finished second in the Premiership and then narrowly lost out in the Premiership Final. From a business perspective we were delighted to commence our partnership with Dyson as new title partner, as well as securing several other significant new business partners; and we delivered increased capacity at the Rec in terms of both seats and boxes. These factors helped contribute to a significant step forward in terms of business performance, and the hard work of everyone involved with the Club has meant that there will be another significant step forward in the current year."
McDonald continued, “Whilst performances in the current season have been hugely disappointing not only to our supporters, but also to everyone in the Club, our ambition remains to be successful at the very highest levels of domestic and European rugby over the long-term. Off the pitch, we are close to achieving our ambition of operating as a self-sustaining club. This means that we can continue to invest in the Club’s future, and also provides the Club with greater flexibility in terms of financing a new stadium which we very much hope will be built at the Rec. Bath Rugby has been part of the local community for 150 years and we want to ensure the Club is around for at least another 150 years.”
Bath Rugby sees itself as rooted in the City of Bath and its wider community and is committed to permanent redevelopment at the Rec. The Club’s ambition is to provide world class facilities for the City which could act as a catalyst for significantly enhanced sporting participation, riverside regeneration and wider community use.