ADMINISTRATOR’S REPORT
MAX DONNELLY Dear Members In my report as Administrator last year, I described 2016 as a challenging one for the Parramatta Leagues Club (PLC) and most notably for its subsidiary the Parramatta National Rugby League Club (PNRL). I am pleased to report that PLC and PNRL have made good progress in 2017 and while there are some key business challenges ahead, Members can be assured that the stability at Board and management level is delivering better business outcomes for both organisations. I would like to highlight some of the key areas of the business for 2017 below Parramatta Leagues Club Redevelopment
“The car park is critical to the long term strategic future of the Leagues Club and I am pleased that this particular part of the redevelopment is being delivered on time and on budget.�
In December of 2017 the first levels of our new $25 Million PLC Car Park were opened to traffic marking a significant milestone in the current stage of the PLC redevelopment. At the time of publication, all levels of the car park remain on track to be opened to Members by May 2018. As I have stated previously, the car park is critical to the long-term strategic future of the Leagues Club and I am pleased that this particular part of the redevelopment is being delivered on time and on budget. I want to thank Members and their guests for their patience throughout 2017 especially with the limited on-site parking. Financial Performance The financial performance of PLC group saw it deliver a $1.5 Million profit for the ten month period ending 31st October 2017. This was a strong result when you consider that parking capacity was reduced by over half, there was a reduction in overall venue attendance due to Eels home games being played at ANZ stadium and the reporting year had been shortened by 2 months as per our decision to align the financial years of PLC and PNRL*. It is a credit to Bevan Paul and his management team that PLC have delivered a strong financial result despite the operational challenges and I congratulate them for their performance. There has however been a continuing financial impact on PNRL from the 2016 Salary Cap penalty with the Club suffering an operating loss of $8.3 Million for the 10 month period ending 31st October 2017. This loss was above expectations and occurred primarily due to the short-term reputational
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Parramatta Leagues Club Limited
