DESPITE Saints' Super League success and revenue improvements in recent times, the club still announced a loss of earnings in its latest financial report.
As previously reported by the Star, newly released financial accounts show that Saints increased their total revenue from £6.9m to £9.3m from October 2021 to October 2022.
Operating losses were also reduced from £1.6m to £1.2m in the 12 month period, but the club filed a total loss of £375,299 before interest, taxation, depreciation, and amortisation.
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In the financial report, published on the Government's Companies House website, it is noted that Saints' revenue improvements are "directly linked to COVID19 restrictions being fully removed" in 2022.
Sporting successes from the men and women's teams, as well as the sold-out Paul Heaton and Jacqui Abbott at the Totally Wicked Stadium, were also stated to have boosted the club's income.
However, while Saints' made huge improvements in terms of revenue, chairman Eamonn McManus expressed his disappointment about the club's losses and that sporting successes were financially impacted during the pandemic.
Saints did improve their losses from £806,351 in 2021, and while McManus said that Saints are in a "stable condition", he warned of the financial difficulties that lie ahead.
Eamonn McManus statement:
The chairman said: "The [club's financial] improvement was largely due to operating the full financial year without the covid restrictions of previous years.
"It is clearly disappointing that much of our sporting success in recent years occurred during the covid period and we were therefore unable to convert it to our full commercial advantage.
"That said, we emerged from that period in stable condition, and we again thank our fans for the support which they displayed in such trying times.
"Looking to 2023 and beyond, the operating environment for the club is becoming more challenging. 2023 saw a massive increase in utility costs and a material reduction in central financial distributions from Super League to the club.
"The club this year also commences its eight-year equal annual repayments of RFL loans which were part of a package of government support measures.
"These additional factors together will materially and adversely affect our financial performance. The club will look to contain costs whilst improving revenues in order to minimise the adverse effect."
"The financial demands placed on the club are therefore increasing at a time when the general economic environment presents its own additional challenges. However, we continue to have the advantage of a very strong balance sheet, due to the ownership of our stadium, along with strong and committed shareholders.
"We aim to continue to spend the full salary cap on our first team squad and to continue long-term investment in our academy and women’s teams. Continued on-field strength and success is the bedrock of our financial model.
"An improved financial and commercial performance of the game of rugby league in its entirety is essential in the years ahead if we are to succeed within it. We welcomed the appointment of IMG as the strategic adviser and partner to rugby league in order to assist in growing the revenues and supporter base of our game.
"This is critical in the years ahead."
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