Bath Rugby has reported increased turnover and a 33 per cent reduction in net loss for the 2015/16 financial year, as the Club moves closer to its goal of becoming self-sustainable.
The results for the year ending 30th June 2016 show a 15% growth in turnover to £16.9m (2015: £14.6m), and a 33% reduction in net loss for the financial year to £1.2m (2015: £1.8m), despite significant investment primarily in the playing squad.
Financial performance will improve again in the year to 30th June 2017, supporting continued investment particularly in the rugby department, as the Club purses its ambitions of delivering success on the pitch, whilst also becoming self-sustainable over the medium term.
Tarquin McDonald, Managing Director of Bath Rugby, said: “Whilst the performances on the pitch in the 2015/16 season were disappointing for the Club and our supporters, we have continued to invest in the rugby department and this season we are competing for honours in both the domestic and European competitions.
“From a business perspective, in 2015/16 we were delighted to extend a number of key partnerships including Dyson. An improvement in corporate partnership and hospitality income was one of a number of factors delivering improved business performance in the year, and the hard work of everyone involved with the Club has meant that there will be another step forward in 2016/17.
“Our fundamental ambition remains to be successful at the highest levels of domestic and European rugby over the long-term. We will continue to invest in the playing and support staff required to enable us to fulfil that ambition.
“Off the pitch, we remain committed to the redevelopment of the Rec and the creation of something exceptional in the heart of Bath. Following a recent Charity Tribunal decision the pathway for redevelopment has reopened and we have commenced a pre-design consultation process with Bath and North East Somerset Council, local residents, our supporters and key stakeholders. We look forward to bringing forward development proposals later this year which will not only provide a new home for Bath Rugby and its supporters, but which will also provide a hub for sporting participation and other community benefits for the City and its residents.”