Lancashire Cricket recovers from pandemic with turnover and profits drive
Lancashire Cricket has revealed increased revenues and profits for the year to December 31, 2022.
Turnover rose from £22.5m in 2021 to £29.2m, while its surplus before tax of £2.4m compares with £1.8m the previous year. Operating profit was £3.068m.
The club’s post-pandemic recovery continued in 2022 as it benefited from a return to normality with a full year of unrestricted crowds, following on from two particularly challenging years previously, due to COVID-19.
Following the huge disappointment of the cancelled England v India Test Match in 2021, Emirates Old Trafford successfully hosted two One Day Internationals against India and South Africa and a Test Match against South Africa in 2022.
Attendances at Emirates Old Trafford for domestic and international cricket were also slightly impacted throughout the 2022 campaign, due to the construction works following the demolition of the Red Rose building and stand.
On the pitch, the club continued to be successful, particularly in the men’s game, with the team progressing to the Royal London Cup Final and Vitality Blast Finals Day, while also finishing runners up in the LV=County Championship.
Thunder, the club’s professional women’s team, continued its steady progress on the field, following an historic pre-season tour to Dubai which was the first joint men’s and women’s tour ever undertaken by a first-class County. The club was also proud to see 20 players, men and women, represent England at various levels throughout the year.
Emirates Old Trafford’s on-site Hilton Garden Inn hotel reported a record revenue of £5,430,492 during 2022, while the club’s conference and events revenue continued to return to normal levels of £3,373,251, as consumer confidence returned after the COVID-19 pandemic.
The venue also held four sold-out concerts during 2022, one of which, The Killers, was rolled over from 2020. Emirates Old Trafford hosted two nights of Harry Styles and one night of the Red Hot Chili Peppers.
Following a hugely successful 2022, 2023 is set to be another bumper year at Emirates Old Trafford as it hosts the England v Australia Fourth Men’s Ashes Test Match in July, and an IT20 fixture against New Zealand in September, as well as Lancashire’s domestic campaign.
In addition to the world class cricket, the Arctic Monkeys have been confirmed to play at the venue in 2023, with two sell-out shows on Friday, June 2, and Saturday, June 3.
This year marks a milestone year for the historic venue with the latest Emirates Old Trafford redevelopment project. A new stand, concourse and restaurant area will be open for the Ashes in July, with a 100-room extension to the current Hilton Garden Inn to launch later in the year.
Angela Lowes, Lancashire Cricket chief financial officer, said: “Following the incredibly difficult challenges that we faced in 2020 and 2021 due to the COVID-19 pandemic, it has been fantastic to experience a normal and successful year for the club.
“I would like to thank our primary lender, Metro Bank, for their support this year, which has been hugely appreciated, particularly regarding funding of the new development at Emirates Old Trafford.”
She added: “To welcome full crowds back for domestic and international cricket, as well as concerts, has played a key role in helping the club to return to pre-pandemic levels, whilst the on-site Hilton Garden Inn and the conference and events business continues to go from strength to strength.
“We look forward to unveiling our new stand, concourse and restaurant for the Ashes this summer, with an additional 100 bedrooms to complement our existing 150-bedroom Hilton Garden Inn to open later in the year.”
