24/Apr/2014 - Last News Update: 17:05

Cardiff Blues rugby region lose nearly £2.3m, accounts show

Category: Wales

Published: 8th Jun 2012 17:53:08

Rugby region Cardiff Blues' have made a loss of almost £2.3m for the year ending May 2011.

The region also reported a fall in turnover, down to £7,415,870 from £8,773,243 the previous year.

The accounts submitted to Companies House under Cardiff Rugby Football Club Ltd state the financial year "proved challenging, both on and off the field".

No-one from Cardiff Blues was available for comment.

The losses have been explained, in part, by increased playing and coaching costs and the region's failure to reach the play-off stages of the Celtic League during that season.

According to the accounts, the squad expenditure was invested for the ongoing development of the Cardiff Blues and was made possible by continued financial support from chairman Peter Thomas.

Mr Thomas, according to the director's report, has indicated he will continue to provide financial support to the company and cost-cutting work is ongoing.

Last month, the Blues confirmed they will return to the Arms Park after just three seasons at Cardiff City Stadium.

The Blues moved to the stadium in 2009 but crowds at the home of the city's football team have been disappointing.

"This move is important for our future sustainability," Blues chief executive Richard Holland said.

Source:
BBC News External Link Show Citation

Latest News

Harvard Citation

BBC News, 2012. Cardiff Blues rugby region lose nearly £2.3m, accounts show [Online] (Updated 8th Jun 2012)
Available at: http://www.ukwirednews.com/news/1433529/Cardiff-Blues-rugby-region-lose-nearly-2-3m-accounts-show [Accessed 24th Apr 2014]

News In Other Categories

  • Leicester City: Nigel Pearson 'still relaxed' about contract

    Leicester City manager Nigel Pearson insists he is not worried about his unresolved contract situation.
  • Scotmid reports slump in operating profits

    Scottish retailer Scotmid has warned it does not anticipate "a meaningful retail upturn" this year after reporting a slump in operating profits.
  • Colwyn Bay school rape 'never happened' court told

    A boy accused of raping a fellow pupil at a north Wales primary school has told a jury the alleged attack never happened.
  • E-cigarette age restriction push by US regulators

    The US Food and Drug Administration (FDA) wants minimum age restrictions and health warnings on e-cigarettes.
  • Russia extends opposition leader Navalny's house arrest

    A Moscow court has extended the house arrest of Russian opposition leader Alexei Navalny by another six months for violating its conditions.
  • Bristol Academy extends reach overseas with first foreign students

    With the doors to its brand new £1million training centre officially open, one of the UK's leading apprentice training providers, Bristol based S&B Automotive Academy, is showcasing its world-class facilities by launching a series of foreign student exchanges for the first time in its 41-year history. To get a flavour of what life is like as an apprentice in the UK, the Academy hosted 16 apprentice engineers and bus drivers from the G9 Automotive College in Hamburg, Germany, as part of a Europe-wide vocational training initiative called the ‘Leonardo Programme’ with support from the European Social Fund. In a reciprocal arrangement, S&B will be sending nine apprentices to Germany during February 2012 so that they can get an appreciation of life in the automotive industry on the Continent. A further three German exchange groups are being planned for next year. Designed to assist the development of vocational skills and training across Europe, including work placements for trainees, the Leonardo Programme has a budget of €1.75bn, which is helping to encourage UK organisations to work with their counterparts abroad. In what is expected to be another challenging year for employers in the UK automotive sector, S&B’s Chief Executive, Jon Winter, claims that the exchange initiative will bring many benefits to the Academy and its apprentices: “In a world of global automotive brands, it’s important for our learners to understand the international context of the industry they have chosen to make their career. This new exchange programme will enable apprentices and Academy staff alike to achieve a better understanding of the challenges and opportunities within the automotive arena in Europe. With the Academy’s influence also extending to the USA and Asia, there’s every possibility that this initiative could move further afield in the future.” Continued Winter: “The need for skilled technicians across the world is on the increase and we actively encourage our apprentices to look at broader horizons during their training. Many of them have already learned the phrase ‘Vorsprung durch Gelehrtheit’, quite simply, ‘Advancement through learning.” In the 2010/11 academic year, S&B doubled the number of successful Apprenticeships over the previous year with some 350 apprentices graduating from the Academy. At the same time, achievement levels reached an all-time high with an overall success rate of 85%. For those learners on the Advanced Apprenticeship three-year programme, success rates were even higher, at over 98%. PHOTO CAPTION: As part of their exchange visit, S&B Automotive Academy arranged for the German apprentices to visit Hampshire bus operator, Bluestar, at its Barton Park depot. The students are pictured with S&B’s Andy West (3rd right) and Steve Prewett, Bluestar’s Area Engineering Manager (2nd right). Ends http://www.sandbaa.com