CEO REPORT
BEVAN PAUL Dear Members When I review my remarks from previous annual reports I recall that the strategic focus for the Leagues Club management team has been to prepare the company financially for the development that has now commenced. Prior to committing to building costs for the carpark all borrowings were retired and the Leagues Club’s cashflow optimised. With this improvement in the company finances 2017 saw the beginning of a new era for Parramatta Leagues Club where our long awaited carpark finally commenced work. The carpark is the first stage in development – after which future developments will have less of a disruptive impact on normal club operations.
“This improvement in the company finances 2017 saw the beginning of a new era for Parramatta Leagues Club where our long awaited carpark finally commenced work.”
In the year ending October 31, 2017 and bearing in mind that this reporting period has been reduced to ten months in order to align the financial years of both PLC and PNRL, the main impacts upon the club’s overall performance were the reduction in revenue due to disruption associated with carpark construction and Eels costs. Leagues Club management implemented a number of operational changes to the business to reduce expenditure and Eels costs were also reduced from the previous year which has resulted in a consolidated profit of $1,513,555 for the reporting period. Promotional spend increased by 6% to slightly over $4 million dollars however all other expenditure lines were reduced. Legal expenditure fell by 53% or $909,187 from 2016. During the reporting period of ten months net cash from operations increased from the previous twelve month period from $8.7 million to $10.5 million. $1.9 million dollars was spent on new plant and equipment or building improvements and at the end of the reporting period, cash on hand or at the bank increased from $11.9 million to $12.7 million.
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Parramatta Leagues Club Limited
