Waratahs Rugby have reported a net operating profit of $49,990 for 2011, their first full financial year of operation.
In June 2010, the New South Wales Rugby Union established NSW Waratahs Ltd, an independent subsidiary, and granted it a licence to administer all aspects of professional rugby in NSW, including the Waratahs’ participation in the Super Rugby competition.
The result is the state’s best in five years and comes off the back of a $201,939 loss for the six months to December 2010.
Waratahs Rugby contributed $1,175,000 to the community game through licence fees and other grants to New South Wales Rugby Union.
Revenue rose in the sponsorship, membership and corporate hospitality areas.
“This financial result is an exceptional achievement for the whole of Waratahs Rugby and all of our stakeholders,” said NSWRU chief executive officer Jason Allen.
“For the management team to turn around the business in such a short period of time is testament to the commitment and desire of everyone here to deliver a sustainable future for Rugby in NSW.”