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Dear BV,
Today our football club is pleased to announce a net operating profit of $34,639 for 2020.
This operating result has contributed to us declaring a statutory net profit position of $3,651,912 for the year ended 31 October 2020.
Due to the severe impact of the COVID-19 pandemic on our gate receipts and other revenue streams, our operating revenues declined by over 36 per cent. However, the overwhelming and record-breaking support of all our members and many other stakeholders, means that the Club will not require additional financial assistance from the AFL, nor will it increase its debt position.
Despite the restrictions imposed on game-day attendance, our membership base grew by four per cent to reach a record-high 67,035 members. Our members stepped up like never before to ensure that the Club remained financially independent.
This outstanding show of faith in the direction of the Club contributed to our cash position almost doubling to $11.8 million (up from $6m in 2019), placing the Club in a strong starting position for 2021. The Ikon Park redevelopment has not been impacted and is proceeding as planned.
There was also continued, year-on-year growth through our non-traditional revenue streams of Carlton IN Business and the Carlton College of Sport, while the Club’s commercial partners were profound in their support throughout the entire year.
Our football club’s ability to handle the extreme financial challenges of 2020 and to deliver a positive financial result is a testament to the effort and contributions made by everyone associated with the football club. This is an exceptional achievement of which we should all be proud.
As a Board, we have maintained focus on the 10 key targets contained within our strategic plan. This has allowed us to navigate the difficulties and challenges of this year, whilst maintaining a clear focus on our key priorities.
I would like to commend our players, coaches and staff. Everyone at Carlton has felt the financial impact of the COVID-19 pandemic. Salaries were cut, players and staff spent months away from their families while living in hubs and many of our staff were stood down.
Sadly, the financial implications of the COVID-19 pandemic on our club and across the competition, forced us to implement a restructure, with almost 30 per cent of our workforce having their roles made redundant. I would like to take this opportunity to thank all those staff for their service. We wish them the best for the future.
Kind regards,
Alternate text
Mark LoGiudice
President
Member ID: 1201017
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