Scottish Rugby reports £11.3m loss for 2023/24, despite revenue increase
Scottish Rugby has reported a loss of £11.3m for the 13-month accounting period that ended on 30th June, despite generating record revenue of £73.9m.
The organisation’s revenue was up by more than £6m on 2022/23, when it delivered £67.8m, and eclipsed the £70m mark for the first time.
Scottish Rugby’s income over 12 months was pegged at £72.9m, for the period between 1st June 2023 and 31st May 2024.
The national rugby union body has revealed like-for-like losses over 12 months of £8m, compared to £10.1m last year.
Scottish Rugby saw a decrease in ticketing revenue over the last year, citing the lack of Autumn Nations matches at Murrayfield, as well as hosting just two home matches in this year’s Six Nations, as key factors for this.
The accounting year end was shifted from 31st May to 30th June in order to align with the other home nations’ unions, as well as Six Nations entities.
The addition of the 13th month contributed a further loss of £3.3m.
Despite this year’s overall loss, Scottish Rugby is expecting to break even in 2025/16 before returning to profitability the following year.
In July, the organisation revealed plans to reduce its cost base, amid anticipated losses which have now been confirmed by the latest annual report.
The body says that a number of cost-saving measures are now being taken in order to lead the organisation to profitabiulity for the 2026/27 financial year.
“The new budgetary and supporting plan has now been put in place after much hard work, and despite further significant losses recorded for 2023/24, there is cause for optimism going forward,” said Professor Lorne Crerar, Chair of the Scottish Rugby Union.
“The SRL Board is making steady progress through its financial reset programme, ensuring the restoration of Scottish Rugby to a sustainable business model.
“Encouragingly, the SRU Board approved the budget for financial year 2024/25 in June, and SRL has made headway in meeting its revenue and cost targets.
“All those involved in the journey of Scottish Rugby, including our stakeholders, the Boards of SRU, SRL and CRB, together with all our Scottish Rugby colleagues, have contributed to meeting the challenges of this financial year.
“I am in no doubt that all acting in concert, we will ensure that we successfully meet the challenges of the future.”
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