Brisbane Broncos profit falls as fans give team the flick pass
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Are Queenslanders falling out of love with the Brisbane Broncos?
The NRL team — which also happens to be a listed company — has reported a 12 per cent fall in half-year profit to $2 million caused partly by crowd shortfalls.
The Broncos’ average home game crowd for the half-year was 30,402 compared to 32,139 in the first half.
That’s well up on the average attendance of 16,620 — though NRL crowds in general were up 5.5 per cent year-on-year, the NRL reported in May.
The Broncos players haven’t been exactly consistent this season, winning 12 of 20 games — most recently falling to the cellar-dwelling Bulldogs.
Revenue, however, was up 7.3 per cent to $27 million for the period.
Sponsorships contributed 7.2 per cent more cash after the club negotiated better contracts. The Broncos also got 52 per cent more money form the NRL Club Grant, reaping $2.3 million.
Fans needn’t worry about the club’s financial state at least — it has a solid buffer of $11 million in cash on hand.
Under expenses, the club spent $9 million on “football related expenses” and $3.5 million on administration.
Brisbane Broncos shares closed flat at 50c on Tuesday.
Broncos corporate has been on a tear since listing in 2005, hitting an all-time high in November last year of 56c.