Despite a tough year on the field, North Melbourne is pleased to announce another profit, underlining the success of the club's prudent management and strategically run business.
A net profit of $242,656 (after depreciation and amortisation) for the financial year ended 31 October 2017, is the club's ninth profit in the past ten years.
The club had an operating surplus of $633,625 (before amortisation of training facility) and an increase in year-on-year revenue of $1.2m to $39.7m.
Despite a challenging year and tough economic environment, North Managing Director and CEO Carl Dilena said the result was a credit to the club's loyal supporters and commercial partners, and its hard working staff.
"For perhaps the first time in our club's recent history, the business has been able to absorb a much softer year on the field, which impacts areas such as consumer business and membership, and has been able to come out the other side in really good shape.
"All North members, contributors and partners should be proud of what we've achieved as a club continually over the past decade, because the level of stability and strength we have maintained to this point, is largely due to their ongoing support and loyalty."
Also significant was the club's ability to further pay down its once crippling debt that added up to more than $8 million in 2007.
“Our debt reduction campaign has been a tremendous success and again, with the support of our members and fans, we've been able to pay down our debt by another $400k,"Dilena added.
"To have that once heavy weight lifted and very manageable at around $850k, is really an outstanding effort in such a short amount of time. We have constantly proven for the past decade that we are a responsibly run and progressive club."
While Dilena was happy to pause to acknowledge the result, he was quick to point out that North could not afford to rest on its laurels.
“We are moving in the right direction but there is a lot of work to be done,” he stated.
"The introduction of a VFL side in 2018 and AFLW side in 2019 will provide us with opportunities to grow our supporter base and business, but also comes with associated risks that we must guard against with continued responsible management and hard work.
"We have submitted plans to extend our training facility to accommodate our new AFLW and VFL players and staff and we are working closely with key stakeholders regarding the planned redevelopment of the wider North Melbourne precinct.
"In the meantime, we must maintain a steady focus on climbing back up the ladder and adequately supporting our young playing list. We must attract new supporters and sponsors and further expand our secondary markets in Tasmania and Wyndham. We have to increase our attendances at games and encourage those that can't make it, to tune in on TV.
"There are exciting times ahead and the upside for our club is enormous."
