Steve Tew 'very pleased' with NZRU's profits

SIMON PLUMB
Last updated 11:05 25/03/2014

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The New Zealand Rugby Union have announced reduced profits of $2.9 million - but that's still $2.1m more than they had budgeted to make.

Unveiling the organisation's annual report in Auckland this morning, NZRU chief executive Steve Tew said he was "very pleased" with the result which also saw cash reserves increase to $63.7m and all provincial rugby unions get themselves back in black.

"It is very pleasing to have followed up an exceptional year on the field for New Zealand Rugby with a second successive annual profit," Tew said.

The 2013 profit reflected a $10m lift in income to $117m and an increase in costs by $11m to $114m.

Much of the increase in revenue was down to the NZRU's controversial decision to sell advertising space on the All Blacks jersey.

"We enjoyed a strong year commercially being the first full year with our new major global sponsor," Tew said.

Further down the national structure, all provincial unions also recorded profits, with a combined surplus of $3.3 million - compared to $620,000 in 2012 when only nine of 14 unions operating in the black.

"This improvement is a tribute to the hard work unions have put in to contain costs and safeguard their commercial revenue in what has been a very challenging economic climate now for some years," Tew said.

"Obviously there is no room for complacency. We must all continue to keep a close eye on costs and work hard to retain the support of fans and our commercial partners as we strive together to keep the game strong."

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