The Gold Coast SUNS Football Club has today lodged its 2023 financial result, a year in which strong revenue growth has continued to drive the club forward.
In a positive sign for the direction of the football club, the club recorded an underlying operating profit of $554,934 for the financial year ending October 2023.
Although, an overall statutory loss of $1.7million has been lodged with ASIC, due to the impacts from accounting for the lease of Heritage Bank Stadium.
Significant growth (+22%) in club generated revenues comes off the back of both strong results in match day revenues as well as increased utilisation of Heritage Bank Stadium for non-traditional revenue opportunities.
The club’s supporter base across all parts of the business can be attributed for a large portion of the uplift. Membership and Ticketing income grew by 21% which included a first sell out of the stadium since 2014, in Round 16 against Collingwood. Merchandise sales grew by 34% alongside an increase in the average attendance for SUNS home fixtures on the Gold Coast to 14,522 per game.
Commercially, Corporate Hospitality revenue grew by 20% and included five sell outs of nine home fixtures at Heritage Bank Stadium. Sponsorship and supply rights revenue also grew by 7%.
A clear and deliberate focus on diversifying the use of Heritage Bank Stadium as an asset for the football club has continued to lead to important revenue increases (60%) that sit outside of core business opportunities.
Gold Coast SUNS Chairman Bob East said the club was beginning to establish a strong and sustainable platform, for it to grow from.
“We’ve had a clear focus and urgency on continuing to increase the club’s revenue opportunities with ambitious targets in mind and today’s result is a testament to those who have worked tirelessly to help us achieve them,” East said.
“However, the impacts of our lease agreement for the Stadium, provide significant challenges for us a football club and we must continue to find ways for a better resolution moving forwards.
“I’d like to take this opportunity to thank our many stakeholders for their support of the Gold Coast SUNS in 2023, in particular the overwhelming support from each and every member and corporate partner of the football club.
“As we embark on a 2024 year full of optimism, we also have a strong established base from which our football club can continue to strive for new heights.”
Key Information from 2023
- Nine win AFL Season
- VFL Premiership
- AFLW most successful ever season, six wins, including a second finals appearance.
- Fourth consecutive year of Membership growth culminating in a record 23,483
- Club revenues reached new heights +22%
- Membership, Ticketing and Match Day Related revenues grew by 21%
- Queensland AFL participation record, 68,000 participants.
