Work was completed on the Caterpillar Stand, the first phase of the redevelopment of the Welford Road ground, increasing the stadium capacity to 24,000. Record crowds averaged over 21,500.
Financial results
Turnover rose by eight per cent to a record £18.5 million (2009 – £17.1 million) and operating profit was £284,000, reversing a loss of £989,000 in 2009.
The opening of the Caterpillar Stand contributed significantly to a 15 per cent increase in revenue from ticket sales, a 35 per cent uplift in matchday sales, a 22 per cent growth in merchandising and a 70 per cent increase in income from non-matchday conferences and events. Tigers Events also returned to profit with increased sales of hospitality packages for rugby international fixtures.
Coaching
Richard Cockerill and Matt O’Connor celebrated their first full season in sole control of playing affairs by steering the team to the Guinness Premiership title for the second year in a row and the third time in four seasons.
At the end of the season the Club was pleased to announce that both Richard and Matt had signed extensions to their contacts, Richard taking up the role of Director of Rugby and Matt the role of Head Coach.
Tigers management
To reflect the evolving needs of the Club, in February this year Peter Tom became Executive Chairman after 16 years as Chairman. Peter Wheeler, Chief Executive since the game went professional, took on a new role and as Executive Director is now representing the Club on rugby bodies and using his experience and knowledge of the game to support and advise Richard Cockerill. David Clayton remains in his role as Managing Director responsible for the Club’s commercial and financial affairs.
Welford Road redevelopment
The opening of the new Caterpillar Stand was celebrated with a dramatic 22-17 victory over the Rugby World Champions, South Africa, in front of a capacity 24,000 crowd. The additional costs of the new stand facilities were met from the £3 million raised through our successful loan stock issue in 2009, the balance of which was used to assist in general cash management.
The Caterpillar Stand represents the first phase in the £30 million redevelopment of Welford Road.
Current trading and outlook
Season ticket sales for the 2010/11 season remain strong, whilst membership of 1880 (the exclusive matchday executive club) is once again sold out for the season.
The Club’s conference facilities, which are among the largest and most versatile in the Midlands, are attracting increasing interest since completion of the Caterpillar Stand, and the non-matchday conference and events business has started the season ahead of budget.
The Club is also continuing to invest in its Oval Park training ground to ensure that players have the very best world-class training facilities available.
New relationships have been forged with Goldsmiths, the quality retailer of jewellery, diamonds and watches; and Holland and Barrett, the UK’s leading retailer of vitamins, minerals and herbal supplements; both of which become stand sponsors for the coming season.
Executive Chairman Peter Tom commented:
“We are delighted with our performance both on and off the field, reflecting the continuing hard work and total commitment for which this Club is well renowned. I would like to thank all our people for the part they have played in returning the Club to profit and keeping the Tigers at the top of its game.
“We look forward to the next stage in the redevelopment of Welford Road and the rising attendances which we’re sure will follow. We have a very bright future ahead of us.”
