Fewer Munster matches see profits take a dive at Thomond Park firm

Operating profits at the firm that runs Thomond Park stadium last year reduced by 20% to €284,000 due to a reduced number of Munster matches at the stadium.

The reduced number of matches also contributed to revenues declining by 7% from €2.15m to €1.99m in the 12 months to the end of June 30 last.

The operating profits recorded represent a drop of 53.5% on the €612,000 operating profits recorded in 2011 when revenues topped €2.65m.

According to stadium manager, John Cantwell: “We are satisfied with the financial performance of the company ended June 30th as, despite the challenging economic environment, we are generating a cashflow surplus.”

The accounts lodged by Thomond Park Stadium Ltd with the Companies Office show that the firm recorded a post-tax loss of €1.1m that followed a post-tax loss of €1.35m in 2012.

Mr Cantwell pointed out that the 2013 post-tax loss included a non-cash deprecation cost of €1.35m along with loan interest payments of €36,000.

He said: “While the financial results were slightly down on the prior year, this is due to the reduced number of Munster matches in the stadium as in 2011/12 we had one knock-out match, but didn’t have one in 2012/13.”

Mr Cantwell said that income from the Bruce Springsteen concert that took place last July will feature in this year’s accounts.

He said: “We do expect revenue to increase in 2013/14 due to the additional Munster Heineken Cup quarter final and due to the fact that we have taken over the operation of our public bars within thestadium.”

He explained: “Previously, these were operated by a third party but following the expiry of the contract we decided to bring these in house,” he added.

“While we do expect a corresponding increase in costs in year one, we expect the long-term benefit to far outweigh the costs.”

The firm directly employs six people while on match days around 800 people are employed.