The Geelong Football Club has announced a net profit of $3.976 million for the 2018 financial year. The club’s operating profit before interest, depreciation and amortisation was $2.834 million.
The net profit result reflects a $5.1 million one off asset gain, with $5.0 million of this relating to assets contributed through the year in relation to stage 4 of the GMHBA Stadium redevelopment. This asset gain also resulted in a higher than normal depreciation result of $3.97 million.
Other major factors in the financial outcome include:
- Total revenue increased by 8.8% to $62.9 million. This was mainly as a result of nine home games scheduled at GMHBA Stadium coupled with the continued support from our corporate partners, in particular major partner, Ford Motor Company
- Membership increased by 16% to 65,419
- Average home attendance of 34,206
- The club enjoyed a full year of new revenue streams through the completion of the redevelopment of the Brownlow Stand
- The club's continued investment in the football department, with total outlay of $25.8 million. This expenditure was further complimented by increased spend in football facilities and technology
"While the club recorded a significant profit, we finished with close to a break even position in terms of net cash movement during 2018, reducing our Club debt by a further $1 million in 2018." Geelong CEO Brian Cook said.
“There are a number of factors that have contributed to this result. Increased home games at GMHBA Stadium, a full year of the benefits emanating for stage 4 of the GMHBA Stadium redevelopment and strong membership growth were keys to this result.
“We again had exceptional support from our members, recording a record with 65,419 passionate supporters signing up. We are anticipating a further increase in membership in 2019.
“We are also committed to making a significant and meaningful difference in our community. The club invested significantly into its 10 flagship community programs in 2018 and will again focus on our community impact in 2019.
“The club also continued to invest in its women’s football program, with the club set to field a team in the AFLW competition for the first time.
“The club has been able to further reduce debt through the Our Ambition program, with our goal of being debt free by 2021 on track.
“We would like to thank our members for their continued support. There is an emotional and financial investment in being a member and we do not take it for granted. We will continue to strive to achieve great results both on and off the field in 2019.”
