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.

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