LEEDS RHINOS’ parent company, Leeds CF&AC Limited, has reported a slight rise in turnover but a fall in its annual losses in its latest set of accounts for the year ended 31 October 2024, which were lodged with Companies House last week.
Turnover has risen by 2.4 percent to £11,869,830, while pre-tax losses fell by almost £460,000 to £1,868,436.
The rise in turnover was achieved despite a £340,000 (22 percent) reduction in central funding from the RFL, following the decrease in Super League’s broadcasting income under the terms of a new three-year contract with Sky.
The Rhinos more than compensated for the shortfall by having a record year for commercial revenue, which rose by £946,000 to £5.2 million, helped by a 15-year agreement with AMT Vehicle Solutions to become the naming rights partner for Headingley as well as by a 16 percent increase in hospitality revenues.
In terms of its rugby operations, changes to the club’s coaching and performance team, alongside an expanded Academy and women’s operation, saw expenditure increase from £4.8 million to £5.2 million.
In its report accompanying the results, the club’s directors said: “The strategic partnership with global management company IMG and the performance of Rugby League Commercial will be vital to maximising Rugby League’s potential in the northern hemisphere.
“The continued uncertain economic outlook, has been a contributing factor to stagnated memberships, and to corporate entities reviewing their sponsorship and hospitality budgets.
“However, the club has embraced a long-term ‘One Team Rhinos’ philosophy which underpins its environmental, social and governance strategy. It has helped to attract new commercial opportunities and created stronger links with its Foundation and the wider community.”
One aspect of that philosophy is the fact that the club installed solar panels on the South Stand roof in November 2023, which helped reduce energy costs by 36 percent.