St Helens cut losses by almost two thirds in their first year at Langtree Park last season.
The club has released significantly improved results for the financial year ending 31 October 2012, with a group operating loss of £892,170, compared to £2,430,041 for the year before.
Chairman Eamonn McManus said: “The overall financial performance of the Club was in line with expectations for the financial year ended 31st October 2012 and constituted a significant improvement on the prior year ended 31st October 2011 when the Club necessarily operated at the Halton Stadium, Widnes, pending completion and opening of Langtree Park in February 2012.
“Given that the Club relocated to Langtree Park, with its improved revenue opportunities, only one third the way through the financial year, the annualised financial performance in 2012 was creditable.
“Group turnover improved materially to £5,798,309 for the year ended 31st October 2012 from £4,399,220 for the year ended 31st October 2011. This was principally due to improved season ticket and gate receipts and also corporate hospitality and event income arising from the move to Langtree Park.
“In addition, our corporate hospitality and events income has been materially adversely hit by the termination in the operation of our contracted caterer, EMC, which went into administration in March 2013, and which had also performed well below reasonable expectations prior thereto. We have resultantly taken the catering operation in-house and this is already showing improved results which will come in to full fruition in 2014. Overall, the underlying revenue trends are all very encouraging.”
McManus also confirmed expenditure on the cladding project currently being installed in the west, north and east stands of Langtree Park, and revealed the club will shortly enter into a refinancing package to cover current and medium term expenditure requirements.