Motorsport Australia has announced its audited financial results, showcasing a significant recovery and marking a return to surplus for the 2024 fiscal year.
Key Highlights
- 2024 EBITDA surplus of $561,745
- Net profit of $16,712 for 2024
- Robust balance sheet with net assets exceeding $10 million
- Positive turnaround of $1,077,640 from the net deficit of ($1,060,928) recorded in 2023
This commendable achievement reflects strong financial stewardship and effective cost management. Returning to a surplus empowers Motorsport Australia to provide enhanced support for its members, officials, and competitors from a solid foundation.
Nevertheless, the sport continues to face challenges, particularly from insurance costs and inflation, which exert pressure on operations. These challenges highlight the necessity for sound financial governance and long-term sustainability strategies, bolstered by strategic risk and safety management practices.
CEO Sunil Vohra stated that this positive shift underscores the organisation’s dedication to fostering a robust and stable future for its members.
“This outcome is a testament to the unwavering commitment and effort of the Motorsport Australia team in managing our financial performance, ensuring we are well-equipped to serve the sport,” Vohra remarked.
“We are now better positioned to prioritise crucial areas within the sport, including grassroots participation, development pathways, and enhanced training opportunities for our volunteer officials.”
CFO Mark Lawrence attributed the organisation’s favourable financial outcome to a blend of strategic initiatives and operational efficiencies.
“Our focus has remained on guaranteeing long-term financial health, and this result showcases our disciplined approach to financial management paired with astute operational strategies,” Lawrence explained.
“Importantly, this turnaround was achieved while remaining committed to our core mission – ensuring safe and fair participation.”
President Andrew Fraser welcomed the positive results ahead of the Annual Member Forum scheduled for tonight.
“This is a significant achievement for Motorsport Australia and a reflection of the support we’ve received from our community,” Fraser stated.
“The financial stability demonstrated by these results equips us better to advocate for the future of the sport, creating additional opportunities for competitors, clubs, and officials across all levels.”
Motorsport Australia is set to maintain its focus on financial sustainability while reinvesting in the sport to foster ongoing growth, participation, and development for its members.
Compiled by SportArena.com.au.
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