Mardi Gras keeps a positive outlook despite another loss
Sydney Gay and Lesbian Mardi Gras (SGLMG) posted a small loss for the past financial year despite forecasts for a modest net profit, its 2012 Annual Report reveals.
Although parade participation at 9,800 people was at its highest levels in three years and revenue from sponsorships increased by 48 per cent, a loss of $73,057 was recorded for 2011/12.
The result however is a marked improvement on the two previous years where losses of $575,627 and $133,678 were recorded in 2010 and 2011, respectively.
“Given this trajectory of improvement and the measures that have been implemented over the last year, we are on track to return to a sustainable profit in the next financial year,” SGLMG said.
The organisation said a number of factors were to blame for this year’s loss, particularly the bad weather which marred many Festival events as well as licencing restrictions introduced last December which forced a reduction of 1,000 tickets to the Kylie Minogue headlined Mardi Gras Party.
“The wettest summer in years meant actual revenues from ticket sales, bars, and food vending at events like Fair Day, Harbour Party and Parade Viewing were significantly lower than budgeted,” SGLMG said.
While over 29,000 interstate and international visitors viewed the Parade this year, SGLMG said it would continue to improve oversight and cost controls with other Pride festivals around the world, such as London’s recent WorldPride event faltering.
”These measures are necessary to reduce our exposure to inadequate resourcing, wet weather risk, lower sales in a challenging inbound tourism environment caused by ongoing downturn in international economies and a high Australian dollar, and the very crowded and highly competitive entertainment and leisure sector that we operate within,” SGLMG said.
Meanwhile, it has been announced SGLMG will hold its next annual general meeting on Saturday, August 18.
Among other matters, it is expected the board will discuss the feedback to its current online survey regarding the contentious decision to drop the words ‘Gay and Lesbian’ from the Parade’s title this year.
A copy of the 2012 Annual Report can be accessed at http://www.mardigras.org.au/annualreport/index.cfm