Friday 1 March

Dunedin Venues 6 month result up $1.5m

In the six months to 31 December 2012 Dunedin Venues Management Ltd, the operator of Forsyth Barr Stadium, produced a trading surplus of $1,219,000 before rental payments.

This represents an improvement of $1.516m on the same time last year.

At the six month mark, the company recorded an overall net loss after all expenses and tax of $690,000 which compares favourably with the loss for the same period last year of $1,964,000.

Darren Burden, CEO, comments, “Despite the challenging conditions, this is a good improvement in the half year figures compared to this time last year.

“The Board of DVML and I are comfortable that we are moving in the right direction and DVML is operating in a prudent and sound manner.”

“The events in the second half of this financial year including Nitro Circus, The Hollies and Equestrian event, Winery Tour concert, Warriors pre-season game, Phoenix v Melbourne Heart A-League match, Paul Simon and the recently announced Aerosmith concert, show the venue is gaining the confidence of event promoters. But we still need to be focused on increasing revenues to cover the high fixed costs of operating the stadium.”

“Based on how the company is tracking and with the number of Stadium events in the second half of the financial year, we expect the full year results to also show an improvement on the previous year.”

The results for Dunedin Venues Limited are in line with expectations. DVL is a non-operating company where the transactions relate only to interest, debt and subvention payments.

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Notes to editor:
The $1.2m trading surplus allows for interest and depreciation but is before rent, subvention receipts and tax.
DVML recorded a loss before rental of $297,000 for the 6 months to 31/12/11.
Annual fixed rental of $4million is paid to the landlord, Dunedin Venues Limited (DVL).

ENDS

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