The 99-year-old theatre building was closed abruptly on March 4 when engineers identified the earthquake risk and other venues in the Opera House complex were shut last week as a further precaution.
"The second half of the [financial] year was looking outstanding with momentum building for the following year," Mr O'Reilly said.
Miss Spring said highlights of the first half of the financial year had included business development wins, specifically holding a major conference for the Federation of Maori Authorities and the board of inquiry hearings into the Ruataniwha dam.
"Doing things a bit differently, engaging with our clients a bit differently, enabled us to achieve the result we had and I'm very proud of the team for what they've achieved."
Councillor Sandra Hazlehurst congratulated Mr O'Reilly and Miss Spring on the quality of the performances the Opera House had brought to Hawke's Bay in the months before the closure.
"It's a sad moment for us but we're focusing on the future and getting back into business."
Mayor Lawrence Yule called it a "bitter sweet moment".
"I can see the difference in what you guys have done in terms of your business plan that had bolstered the business. It is particularly sad that in the middle of that coming to fruition we've had to deal with the earthquake-strengthening issues but credit where credit is due. Up until that point, what you have done has been outstanding, it's been a huge step up from where you were."
Mr Yule said last week it appeared likely earthquake strengthening of the building could cost millions of dollars.
