SRU gets to grips with losses

The Scottish Rugby Union have stemmed losses of £2.2million after disclosing their financial figures for last season. [more]

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The Scottish Rugby Union have stemmed losses of £2.2million after disclosing their financial figures for last season.

The SRU annual report shows turnover has increased, costs have remained static and core bank debt remains at £23million.

The governing body have replaced the previously complex ledgers with one clear structure, allowing greater control over trading activities and the balance sheet, which have been achieved.

The SRU still lost £400,000 over the past year but that figure pales in comparison to the previous loss of £2.2million in the previous season, leaving the net worth of the governing body at April 2006 at approximately £20million.

Now SRU chief executive Gordon McKie is targeting inroads into the core debt for next year.

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He said: "Scottish Rugby is now addressing its considerable financial problems, through much improved financial processes and greater accountability throughout the entire governing body.

"Clearly, there is a long way to go but we now have a firm hand on the whole financial process.

"We recognise there have been total net losses in the last five years and 10 years amounting to £10.9million and £18.9million respectively, but we are able to assure our stakeholders we are now on the right road to changing this.

"Much has been achieved in financial terms to ensure, going forward, Scottish Rugby has a tighter control of its financial operations.

The financial statements will be presented to the sport’s member clubs at a financial general meeting on August 27.

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