Record financial year for Jade Stadium

Media Release – September 27, 2005

Record financial year for Jade Stadium in a ‘once in a decade’ season

One of New Zealand’s most successful entertainment venues, Jade Stadium, has posted record revenue of $9.67 million for the year ended June 2005 but tempered the announcement with a quieter 2006 forecast.

Jade Stadium hosted many major events during the year including the first DHL Lions rugby test and the Rebel Sports Super 12 rugby final.

``As satisfying as this achievement is it must be acknowledged that this result has been built on a ’once in a decade’ occurrence,’’ Chairman Bruce Irvine said today.

``Accordingly it is reasonable to expect results achieved over the next 12 months to be at more sustainable levels and understandably below those achieved in the 2005 financial year.’’

Jade Stadium Ltd (JSL) growth reflected both the success of the sporting teams that call the stadium home as well as the high profile events already mentioned. More than 450,000 people (up 9 over percent on 2004) turned up to Jade Stadium during the financial year to June 30.

The annual report said it was well positioned to now consider further opportunities to both redevelop the facility and consolidate for the future.

Growth in JSL is evident when comparing the 2005 revenue ($9.6 million) with that achieved in 2001 ($1.59 million).

Total assets stood at $42.2 million and total liabilities $39 million. The net surplus was $258,461 compared with last year’s deficit of $719,669. A tight rein continues to be held on expenditure.

Chief executive Dean McKenzie said the company felt the impending integration of the city’s major entertainment and sporting venues will ensure the wider community as a whole are the key beneficiaries.

``A more integrated approach to the ownership of these facilities should ensure the city hosts a wider variety of high-class events on a more frequent basis.

``Jade stadium is committed to the process that has been instigated by the city and looks forward to actively contributing to it as required.’’

McKenzie said the highlight of 2005 was the first DHL Lions test held on June 25. In a highly satisfactory year for the stadium, this particular fixture will long be remembered. Other notable events included the annual NRL fixture between the high flying Wests Tigers and the Vodafone Warriors.

JSL will hold its annual meeting this week.

ENDS

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