The Melbourne Symphony Orchestra has turned around its financial fortunes, posting a surplus of $761,000 for 2016. The result is significant, as the orchestra registered a deficit of $577,653 in 2015, and the previous surplus in 2014 was only $298,770.

“As we entered the year, the search for a new Managing Director was underway, and the negative financial outlook from 2015 looked set to continue,” says MSO Chairman Michael Ullmer in the company’s annual report. “The arrival of Sophie Galaise in April as the MSO’s first female Managing Director has been an extremely important and successful next step in this journey.”

While attendance at special and family events was up on 2015 (from 42,439 to 51,119 and from 3,961 to 5,050 respectively), audiences for core MSO concerts fell from 102,444 to 82,961, although 2015 was seen as a year of record attendance and in 2016 the orchestra did perform five less concerts. Financially, Government grants were up from $13,240,995 in 2015 to $13,745,553 in 2016, while ticket sales fell from $10,280,866 to $9,814,679. However sponsorship and donations were up from $3,980,669 to $4,276,708.

Ullmer credits Galaise’s vision, along with “decisive action to reduce the administrative cost base” with the return to profitability...