NZ Rugby declares a NZD$7.4M loss for 2019

New Zealand Rugby has posted a loss of NZD $7.4 million for 2019 but has warned Covid-19 will reduce revenue by up to 70 percent in 2020.

NZ Rugby chief executive officer Mark Robinson, says the organisation had budgeted for a loss of 11.8 million in 2019 but a 37 per cent improvement, largely driven by higher revenue and slightly lower costs, had resulted in an improved financial result.

A reduction in test matches in a World Cup year - the Rugby Championship was truncated and there were no inbound tests from northern teams - meant NZ Rugby was bracing itself for a substantial loss.

Financial officer Nicki Nicol said broadcasting and match day revenue were down 20 and 40 per cent respectively when compared to 2018.

[Source: stuff.com]