THE WELSH RUGBY UNION LIMITED

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

Grant Thornton UK LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“In adopting the going concern basis of preparation for the financial statements the directors have reviewed the sources of revenue, on-going running costs and the headroom within available bank facilities, as well as the group's principal risks and uncertainties. The group's financial strategy is to maximise re-investment into the game annually, rather than retaining any profits to enhance net assets. The group is prepared to adjust its short-term re-investment, which may create retained profits or losses provided there is no material change, in the aggregate, to the net asset base over the medium term.”

Group structure

1. THE WELSH RUGBY UNION LIMITED · parent
   1. Millennium Stadium plc 100% · Stadium operation
   2. Millennium Stadium Experience Limited 83.5% · Hospitality and catering
   3. WRU Supporters Club Limited 100% · Marketing
   4. WRU National Centre of Excellence Limited 100% · Training facilities
   5. WRU Properties Limited 100% · Holding company
   6. Cardiff Rugby Club Limited 100% · Professional Rugby club
   7. WRU Six Nations Limited 100% · Holding company
   8. Millennium Stadium Adventure Experience Limited 100% · Outdoor adventure
   9. Parkgate Hotel Cardiff Limited 75% · Hotel operator
   10. Cardiff Rugby Football Club Limited 100% · Dormant

Significant events

• “On 1 July 2025, a call option was exercised in relation to the WRU group's investment in Six Nations Rugby Limited. The WRU received £8.6m as the last tranche of five payments in exchange for the partial sale of its investment in Six Nations Rugby Limited.”
• “In September 2025, the WRU concluded a consultation process reviewing the structure of elite rugby in Wales. The outcome of this review includes a decision to reduce the number of professional men's teams from four to three as part of a broader strategy to consolidate talent, reduce cost duplication, and strengthen competitiveness within the United Rugby Championship (URC), European and international competitions.”
• “During the year, the group conducted a competitive tender process for the provision of all food, beverage and hospitality services at Principality Stadium. Following a detailed evaluation of commercial and operational proposals, the group signed legally binding Heads of Terms with Aramark on 31 October 2025. Under this agreement, Aramark will assume responsibility for all food, beverage and hospitality operations at Principality Stadium from 15 December 2025, providing match-day, conference, and event catering services, together with non-event-day hospitality.”
• “On the same date, 31 October 2025, the group also entered into an agreement with Zip World to manage the day-to-day operations of the roof walk adventure attraction at Principality Stadium.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

12

last 12 months

Capital events

0

last 24 months

Officers appointed

1

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +2.5%

  £103,500,000 → £106,100,000

• Cash

  -13.3%

  £4,500,000 → £3,900,000

• Net assets

  -20.7%

  £34,800,000 → £27,600,000

• Employees

  0%

  344 → 344

• Operating profit

  +57.3%

  -£11,000,000 → -£4,700,000

• Profit before tax

  +32.7%

  -£10,700,000 → -£7,200,000

• Wages

  +17.2%

  £15,100,000 → £17,700,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers