Penrith report a profit of $949,000 for 2021
The full year results report revenue from continuing operations of $89.868m, a decrease of $3.607m or 3.86% from the prior year of $93.475m.
| Item | 2021 | 2020 | inc/Dec |
| Revenue | 112.563 | 132.865 | -15.28% |
| Profit | 0.949 | 14.881 | -93.62% |
| NRl Distro | 15.404 | 15.292 | 0.73% |
| Poker Machines | 47.142 | 52.962 | -10.99% |
| Sponsorship | 9.111 | 6.443 | 41.41% |
| Gate | 1.982 | 0.845 | 134.56% |
Despite the drop in revenue, the financial results for the year ended 31 October 2021 show a normalised EBITDA (earnings before interest, tax, depreciation and amortisation) or cash earnings of $15.269m after removing the
one-off/or abnormal items of JobKeeper, JobSaver, Government Grants and Property Sales.
Other key financial indicators reported included Net Debt Levels (bank debt less cash) of $29.812m, Net Assets (total assets less total liabilities) of $158.630m and importantly Net Current Assets (total current assets less total current liabilities) of $8.126m.
The change in net profit before tax in the current year is due to the following movements:
• A decrease in employee benefits expense of $2,218,000 or 5% to $43,653,000 (2020: $45,871,000).
• A decrease in revenue of $20,302,000 or 15% to $112,563,000 (2020: $132,865,000).
The tax expense in the current year was $31,000 (2020: $3,646,000).
The net income after tax decreased by $13,932,000 or 94% to $949,000 (2020: $14,881,000) in current year.
• A decrease in depreciation expenses of $996,000 or 5% to $17,686,000 (2020: $18,682,000).
• A decrease in finance costs of $1,104,000 or 34% to $2,164,000 (2020: $3,268,000); and
The 2020 and 2021 financial year was again significantly impacted by COVID-19 restrictions and government mandated closure of all licensed venues. As with the 2019 and 2020 financial Year, 2020 and 2021 can be categorised into three distinct periods, Pre-Lockdown 2 (1 November 2020 – 25 June 2021),
Penrith have reported a profit of $949,000 in 2021 on revenue of $112 million (-15%)
Gaming revenues were down 11%. Sponsorship was up 41% to 9.11m. while gate takings were up 134% to 1.98mhttps://t.co/SKlVApMy2w
— sportsindustry (@footyindustryAU) May 6, 2022
