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Crusaders success boosts profit

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Tuesday, January 2, 2018    Lynn McConnell    Getty Images

Crusaders Limited Partnership produced a $328,000 surplus for their financial year.

Crusaders' chairman Grant Jarrold announced the result and said, "This season we celebrated our eighth Super Rugby title, as well as a historic British & Irish Lions match in Christchurch on June 10. We're proud of the team's performances, which certainly contributed to our most significant financial result for a number of years."

Chief executive Hamish Riach said there had been a lift of 19.3 percent in the Crusaders' total operating revenue. That occurred due to hosting two playoff games.

But there had also been a 15.3 percent increase in operating expenses which was due to costs associated with the playoffs and travelling to the Super Rugby final in Johannesburg.

The franchise also managed a 3.7 percent increase in attendances on the previous year, with one less game hosted. This was boosted by sellouts for the Highlanders and Hurricanes games which required extra temporary seating which lifted the ground capacity to 20,600.

Sponsorship revenue increased by 5.2 percent.

"There was, ultimately, a net financial benefit of progressing all the way to the final – noting that this would have been more significant but for the horrendous weather for the quarterfinal and bitter cold for the semifinal a week later which meant those crowds were smaller than expected," Riach said.

At the annual general meeting directors Darryll Park and Simon Forrest were reappointed to the board.