Grand Slam year's record profits

The stadium hosted 27 major events in 12 months

Wales' Grand Slam victory helped the Welsh Rugby Union turn over a record £50m last year, making a £3m profit.

Income from broadcast rights, rugby merchandise and Millennium Stadium events and concerts helped the union cut its group debts by £10m to £45m.

Major events at the stadium saw a Rugby World Cup quarter final, a Joe Calzaghe bout and the truck event Monster Jam.

WRU Group Chief Executive Roger Lewis said: "It has been an excellent year on and off the field."

The 15% increase in the WRU's turnover in the year to 31 May meant the group, which owns and sells Welsh rugby in all its forms, was able to increase its funding to Welsh rugby clubs and its four rugby regions by £0.3m to £15.2m.

The Millennium Stadium hosted 27 major events during the year and 17 smaller community events.

We cannot be complacent but I want all the followers of Welsh rugby to note that our successes are now measured in more than words Roger Lewis, WRU group chief executive

Showpiece events included the Grand Slam celebration party, with free tickets giving 20,000 fans the chance to salute the players and coaches who won the Six Nations championship.

Mr Lewis said: "To achieve the kind of business success we have over the past year alongside a Grand Slam performance by our national team is particularly pleasing.

"On the field I am sure our successes have been a factor in helping to improve the participation levels in the community game and off the field our achievements have similarly reaped rewards.

"Of course there are challenging times ahead, but we have put in place structures and systems which have strengthened the organisation and bolstered our strategic planning and preparation.

The Grand Slam victory led to a free party for 20,000 rugby fans

"A lot of hard work, analysis and restructuring has taken place and that effort is now beginning to bear fruit."

The report said the WRU aims to create a "brand strategy" for itself and the stadium, while looking at the deal and approach it has with promoters.

In a separate statement, the WRU said it was monitoring the current economic situation but the credit crunch had not so far had an effect on business.

Mr Lewis said the organisation had a five-year strategy for what it wanted to achieve.

These included a new focus on schools rugby and initiatives to develop rugby in north Wales as well as provide new training facilities for its national players.

He said: "We cannot be complacent but I want all the followers of Welsh rugby to note that our successes are now measured in more than words."