Although the IRFU made a profit of €3.3million last year, honorary treasurer John Lyons sounded a note of caution at the Union's a.g.m. in Dublin yesterday.

An extended 2000/2001 season due to the foot-and-mouth outbreak and the success of Ireland's provincial and international teams contributed to a surplus of approximately €3.3 million for the organisation. Net assets came to €35,087,599.

But mounting costs needed to sustain both national and provincial teams in the professional era meant that, according to Lyons, margins were getting tighter and the Union needed to "identify and exploit new sources of revenue".

Chief executive, Philip Browne announced that the government had increased its funding for current operations to €3.7million and it was hoped that this figure would be increased with the Union hoping to develop both Musgrave Park and Donnybrook.

Work is currently in progress at Lansdowne Road and planning permission has been granted for the building of corporate boxes in the main stand.

The Union again reiterated its support for the National Stadium concept and will meet with Government officials in the next six weeks.

Don Crowley of Galwegians was elected as incoming president.

OFFICERS

President: D Crowley. Vice-presidents: B Keogh and J Quilligan. Honorary treasurer: J P Lyons. Committee: P J Boyle, D A Crawford, D C Glass, J S Waldron, J P Callaghan, W B Glynn, J D Hussey, D Healy, C H N Jackson, R P Conkey, C C Powell, J F Smith.