Wellington Rugby has emerged from a challenging year - on and off the field - with its finances in the black for the first time since 2007.
"This is an outstanding performance in such tough times for the sport and in respect of the challenging economic market. We have a strong position in terms of our balance sheet but the past four years have been disappointing cash wise. Going forward it is very clear this is what we what to sustain and improve our financial position,'' Wellington Rugby chairman Tony Duffin said.
While the profit is just under $12,000, it represents a dramatic turnaround from the previous two years. Wellington Rugby had lost approximately $800,000 in the past two years alone.
Wellington Rugby chief executive James Te Puni was looking at another successive end of year loss when he took over the reins in April 2011.
"This is a major financial turnaround coming off the back of financial losses since 2007. We have been realistic around managing our operating costs and are now focusing on ensuring we meet the needs of sponsors and fans.
"We have moved to a more realistic model of player contracting. The board brief to me when I joined Wellington Rugby was to challenge existing thinking and the way we do business, for the good of the game,'' Te Puni said.
This result was achieved through meeting targets for commercial, match and gaming revenue while keeping costs down. Expenses were reduced by $600,000 compared to the previous financial year.
