Cardiff RFC Ltd has announced its results for the year ending 31st May 2003. For the second year in succession the company had made a profit before interest of £17,496 (2002 £20,062). Profits before amortisation of goodwill remained in line with prior year at £82,740 (2002 £85,306).
Chief Executive, Robert Norster, speaking on behalf of the Board of Directors, stated:
"We are pleased to announce that the company has once again produced an operating profit. This has been achieved in a year that had significant uncertainty due to the reorganisation of domestic rugby, and an unstructured season.
"We are also delighted that the company was invited to form one of the regional teams representing Cardiff and the Vale of Glamorgan and we intend to continue developing the Cardiff Blues along side the current activities of the Company.
"We have unfortunately had to reschedule our AGM as it has been brought to our attention that not all shareholders have received the requisite notification period for what was to be a December meeting. We are currently in the process of notifying our shareholders of a new date that will be confirmed, in due course, for the first working week in January 2004.
"We apologise for any inconvenience caused to shareholders that this technical breach of company regulations may cause. However, we have looked to this January meeting rather than reschedule over the Christmas period in consideration of the obvious implications such a date may have for many of our shareholders. The unfortunate delay may, we hope, also provide an opportunity for a more accurate update on the on-going developments of the participation agreement with our governing body."