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IMPORTANT // Please look after your loved ones, yourself and be kind to others. If you are feeling that the world is too hard to handle there is always help - I implore you not to hesitate in contacting one of these wonderful organisations Lifeline and Beyond Blue ... and I'm sure reaching out to our PRE community we will find a way to help. T.
Richmond Football Club posts $217,727 Profit
- Thread starter turk-d-tiger
- Start date
Very tough environment. Ever heard of a wealthy personal trainer? Fitness is a common space that many play in thus being profitable is not easy.
Pretty much every company around the world has had access to government funds to aid the payment of their staff in order not to make mass redundancies, and most would have been significantly in the red without it.
"Calling them out" seems a little over the top considering the circumstances.
They did last year. $24.8m revenues, $24.2m in costs. This year they had $24.3m in costs but only $17.8m in revenue. You can guarantee that they would have picked up a fair amount of JobKeeper offsetting the operational losses.
I know someone who works at one of the facilities. She reckons they are fantastic operators and great to work for. So much more professional than others she has worked for in the same space.
I think you will find that is what various regulatory bodies have actually asked for to enable users of financial reports to actually understand what has driven their result - to make no mention that 15% of your revenue has come from a government program is a little misleading - that’s just my opinion of someone trying to understand the underlying result
Its a fair call but its not as black and white as you make out., Sure they have received $10.8m in income from the government, thats a given, but it can't be assumed that you just deduct this from the net income, and identify that they would have lost $10.6m as many of the staff kept on due to JobKeeper would have more likely have been laid off (a lot for free as JobKeeper included casuals etc). Trying to identify an underlying profit / loss position in this instance for all businesses is nigh on impossible due to the fact that those tough decisions were not undertaken so who knows what the real underlying loss have been. For example, could the RFC have saved $4m in cost reductions, $7m, the full $10.8m? No-one knows and probably not even the businesses that the financial results represent as they didn't need to go through that exercise to determine potential cost savings.
Great result. Some clubs cant make a profit in normal times & we make a nice one this year of all years. Credit to those at the club & a pity some had to lose their jobs as a result of it all though.
The BIGGEST credit goes to us Tiger members who pretty much in mass retained their memberships without requesting a refund.
2021 will be another testing year and will require our support also.
Three flags in four years. Pretty sure they've earned my ongoing support, even if match day attendance is restricted or obliterated for a year or three.
A few years back was pretty much resigned to the fact that we'd struggle to rise above mediocre again while I was following the club. Bloody amazed n overjoyed by what the whole club has pulled together recently.
100% Correct
The Money i paid for with the 4 memberships i buy every year is well worth the bragging rights and also the pleasure my family got all year during lockdown watching the RFC winning make life better and kept our sanity.
Dont regret 1 cent
Posted a couple of hundred grand profit, similar to us. Mind you, they get massive equalisation overs from the AFL to keep them afloat. Also claim that they've fully paid out their previous two coaches, so there's no ongoing debt bar about half a mill total.
North posted I believe a $200k profit.
They have nearly wiped their massive debt clean ( think within 10) years. They expect to be debt free next year.
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