Moffett says the WRU can look forward with optimism

Figures released for the last 13 months show a dramatic improvement.

The cash-strapped Union still lost money despite increased revenue and savage cost-cutting, but group chief executive David Moffett was pleased.

"It has been a painful few years for Welsh rugby, but the changes allow us to look forward with a solid platform and good reason for optimism," he said.

The next year is going to be vital for professional rugby in Wales David Moffett

"I've always been an advocate of the 'no pain, no gain' syndrome, but an organisation can endure that amount of pain for only so long.

"Now is the time to concentrate on the game itself - the community game and the professional game, because without the former, we wouldn't have the latter.

"Professional rugby has been condensed to four regions and I stand by something I said 18 months ago - four regions are as many as Welsh rugby can sustain, for both player-resource and financial reasons.

"If the past 12 months have been hard, then the next year is going to be vital for professional rugby in Wales.

"Quite simply, it needs the support of the fans to succeed and flourish.

"Financially, we are working with Barclays Bank, BT and the Millennium Commission on restructuring our debt.

"At this time there is nothing concrete to announce, but progress has been made.

"The deal we are fashioning will put the WRU Group on a firm financial footing, but will not allow us to return to the heady days of 'spend, spend, spend'."

The Union were particularly pleased with their new schemes for distributing match tickets, which have allowed them to be bought by the general public at an earlier stage.