Covid denies Cardiff Blues Limited profit

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The Cardiff Blues Limited accounts up to 30th June 2020 have been published showing the start of the effects of the coronavirus pandemic on the club’s finances.

Until March last year the business was set to post a small profit, building on the breakeven of the financial year to June 2019, before the lockdown caused the suspension of the season and the slashing of income with no games played.

Overall turnover was down £1.5m from £13m to £11.5m, with hits coming in matchday and sponsorship income which was down a combined £700k, and competition income which was reduced by £250k.

This led to a pre-tax loss of £466k and a post-tax loss of £379k, with only the use of the government furlough scheme, the Coronavirus Business Interruption Loan and HMRC liability deferrals providing a going concern for the next 12 months.

The accounts also show a forecast for the financial year to June 2021, with turnover projected to be down to £4.3m as Welsh Rugby Union payments and commercial income drop to £750k each. Government support of £3.8m results in a forecast post-tax loss of £2.2m.

The full accounts can be found here.

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