Northampton Saints plc has today announced its financial results for the year ended 30 June 2023.
- Club achieved record turnover of £21.96m (growth of £1.1m) in 2022/23.
- Underlying trading loss showed a £0.2m improvement from 2021/22.
- Increased ticket revenues in spite of considerable disruption to fixture calendar.
- Club maintains a strong balance sheet with £20.7m net assets (£2.5m in cash).
- Reduction in Club’s cash position from 2021/22 driven primarily by the construction of new High Performance Centre.
“The 2022/23 financial year presented a new set of challenges for Northampton Saints – and the Premiership as a whole,” said John White, Northampton Saints Chairman.
“Three of the league’s clubs entered administration over the course of the season, and the consequent loss of two of our own scheduled home fixtures had the potential to create a significant shortfall in revenue for Saints. However, I am proud of how the Club responded, acting swiftly to arrange additional fixtures against the Barbarians and our East Midlands rivals, Leicester Tigers. We are hugely grateful to our partners and supporters for their patience during the disruption, and for embracing these changes with enthusiasm.
“Thanks to strong commercial performance, as well as agility in staging these additional fixtures, the Club increased our turnover to £21.96m in 2022/23, beating our highest-ever turnover of £20.8m, reported the previous year. The accounts show a loss before tax of £1.1m, down from a profit of £0.3m in the previous year – however, after adjusting for one-off items which boosted the 2021/22 figure, our underlying trading loss showed a £0.2m improvement on the previous year.
“As of 30 June, our cash balance was £2.5m. Whilst this is a reduction of £6m from 2021/22, this was largely driven by a £3.8m spend on capital projects – primarily the construction of our state-of-the-art new High Performance Centre, which proudly opened its doors during the year, delivering a step-change in facilities for the playing squad and wider community. This was funded by a preference share issue the previous year. The Club continues to have a strong balance sheet, with net assets of £20.7m at 30 June 2023.
“At Saints, our model has always been very clear; we aim to operate within the confines of our own resources – and while we are proud of our efforts so far, we still have a long road ahead of us.
“We are in a good position, have a track record of responsible financial management, and have a clear plan for the future. However, we need our supporters and partners to continue to stand by our side in the years ahead, and we have to become a cash-generative operation as soon as possible, to ensure we avoid the challenges that other Premiership clubs faced in 2022/23. That is difficult in this challenging environment, but we have every confidence in our approach.”
NOTICE OF ANNUAL GENERAL MEETING
This year’s Annual General Meeting (the Meeting) will be held at cinch Stadium at Franklin’s Gardens, Weedon Road, Northampton at 2pm on Monday 18 December 2023.
Shareholders are invited to join the Meeting virtually (online) from the comfort of their own homes. There will be no arrangements in place for shareholders to attend in person this year. All shareholders joining online will have the opportunity to hear and see the directors, see the presentation slides, speak and vote at the Meeting.
Please note; only shareholders can attend the Meeting – any non-shareholders who sign-up will not be sent the link to join.