Exeter - loss (financial)

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Exeter - loss (financial)

07 Apr 2021 14:54 pm:

https://www.bbc.co.uk/sport/rugby-union/56660184

Exeter have recorded a pre-tax loss of £2.26m after being "significantly impacted" by the Covid-19 pandemic.

The club's financial results for the year to June 2020 compared to a £24.75m profit in the previous year.

Turnover fell by £4.73m due mainly to the pandemic's effects, which saw the club not play any games after March.

The figures do not cover earnings from winning the Premiership or Champions Cup, which happened after 30 June.

Exeter's 2019 profit was helped by £14.1m from their share of CVC Capital Partner's £200m acquisition of a stake in Premiership Rugby in December 2018.
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Re: Exeter - loss (financial)

07 Apr 2021 18:53 pm:

my first thought when I read this earlier this morning is if Ex have made this much of a loss, what are the results of all the other Prem clubs and those in the Championship (all will be worse)?
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Re: Exeter - loss (financial)

08 Apr 2021 11:06 am:

The previous figures lookin "interesting" either way.
Are they saying they made £24 mill inc CVC and without it, they normally make £10mill? If so, that's serious profit either way..
On 12,000 max attendance, which I don't think they get every week either.
Think serious other revenue streams, conference centre etc, is there really that sort of money in that sector?
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Re: Exeter - loss (financial)

08 Apr 2021 11:16 am:

Under normal circumstances their conference and banqueting facilities are in use most days - very lucrative I'm told
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Re: Exeter - loss (financial)

08 Apr 2021 11:53 am:

I’ve not done a detailed review of their accounts but the prior year accounts to June 2019 include £14.1m from the sale to CVC and £8.8m fair value uplift in respect of their investment in Premier Rugby Ltd (my supposition but probably supported by the CVC sale price). Neither of these transactions are recurring so underlying profit in 2019 is just under £2m. Still very good.

The current year to June 2020 shows a loss of £2.2m primarily as revenues have fallen by £4.7m of which £4.2m is rugby revenue and £0.5m is “Sandy Park revenue” (costs are broadly flat year on year).
They have also received a £0.9m government grant this year, CovId related judging by their accounting policies.

I haven’t deep dived into the debt structure or going concern side. Needless to say if these are the results of the European champions other clubs are going to look quite messy. Also, importantly, this covers the period to June 2020 so there are 3 month of no fans included. The 2021 accounts will have virtually a whole season as such, which won’t be pleasant.
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Re: Exeter - loss (financial)

09 Apr 2021 12:11 pm:

aka John Neary
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Re: Exeter - loss (financial)

09 Apr 2021 14:20 pm:

Just for context Aston Villa are reporting a loss of £99m for the year to May 2020.

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