Springboks

SARU keep books in the black

2015-03-31 16:08
Jurie Roux (Gallo)

Cape Town - The South African Rugby Union (SARU) have made a small operating profit – exceeding forecasts – in a very difficult economic environment, they have announced on Tuesday.

SARU reported a group profit before taxation of R6.6 million for the year ended December 31 2014, R5m ahead of budget and the fourth successive year of profit.

A deferred taxation charge of R4.7m resulted in after tax profit declined to R1.9m.

SARU CEO, Jurie Roux, said that rugby – like any South African business – remained under continuing financial constraints.

"The consistent theme over recent years has been the extreme financial pressure being felt in all corners of the game," he said.

"Once again, we went on a cost-cutting exercise in mid-year which allowed us to report a small surplus in a very tough financial year.

"It was the fourth successive year of surplus for our organisation – the longest consecutive surplus period in the past 22 years."

Roux said that he expected economic conditions to remain unchanged in the short term but hoped that new broadcast and sponsorship agreements from 2016 would ease some of the pressures.

SARU Group revenue rose to R821 million, slightly up from the 2013 level of R799 million, due mainly to an 8% increase in sponsorship revenue, while group operating expenditure increased by a modest 3%.

The Group’s financial position remained reasonably healthy, said Roux, with total equity of R82 million. 

Cash flow improved significantly and as a result a net cash balance of R11 million was reported at 2014 year-end, compared to a net bank overdraft position of R25 million at the end of the previous financial year.

The results will be presented for approval at the SARU annual general meeting which takes place at 11:00 at the Newlands Southern Sun on April 1.

Read more on:    saru  |  jurie roux  |  cape town  |  rugby

 

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
11 comments
Comments have been closed for this article.
Live Video Streaming
Video Highlights
Sport Talk
Breaking News

Previous Results

Date Home Team Result Away Team
Vote

Following the conclusion of the various end of year tours to Europe, who is your favourite for the 2019 Rugby World Cup title?

 
 
Men
Women
Love 2 Meet
English Premiership flutter

Take Sport24's "expert" tips at your peril...

Featured

The 2018/19 Absa Premiership season is in full swing. Will Mamelodi Sundowns retain their title? Or can one of Kaizer Chiefs, Orlando Pirates, Wits, SuperSport United - or another team perhaps - snatch glory from the Brazilians? Be sure to visit Sport24 for all the latest news!

Latest blogs
 

Twitter Follow Sport24 on Twitter

Facebook "Like" Sport24's Facebook page

WIN Enter and win with Sport24!

BlackBerry Stay in the loop on your BlackBerry

RSS Feeds Sport news delivered really simply.

 
There are new stories on the homepage. Click here to see them.