Profits drop at Warwickshire County Cricket Club as energy bills soar
Warwickshire County Cricket Club’s profits have dropped after experiencing several cost increases including higher energy bills and match day staging fees.
Despite a 25% increase in turnover to £32.8m compared to the previous year, the club faced challenges leading to a decrease in profits from £2m to £1.2m. Lower ticket prices for Major Match Days coupled with higher energy bills are expected to force profits to decline in 2024.
Several days are already sold out including the first three days of the Men’s West Indies Test, the Men’s IT20 against Pakistan and Vitality Blast Finals Day, and more than 10,000 tickets are sold for the Women’s IT20 versus Pakistan.
Whilst the Vitality Blast competition continues to grow alongside The Hundred, Edgbaston has become cricket’s fastest-selling venue outside of London.
The results have been released off the back of the club’s plans to re-develop the Raglan and Priory stands. £18m has been secured from the West Midlands Combined Authority to help create a concourse with enhanced food and drink options and improved facilities for disabled spectators, as well as developing a four-star hotel with a rooftop terrace and pitch-view rooms with balconies.
Craig Flindall, Warwickshire’s chief operating officer said: “We’ve seen strong performance in the Catering & Events side of the business. Last year saw a total of 680 events staged here with delegate numbers up by more than 13,000. Last year saw our exhibition figures return to where they were pre-Covid”.
“The Club has made good progress on Edgbaston Stadium’s Masterplan with the new entrance Plaza and Skyline West hospitality area completed on budget and on schedule. The next phase of development works includes the rebuilding of the Raglan and Priory stands with an integrated hotel. Funding for part of the project was recently secured in principle from the West Midlands Combined Authority and we’ll be briefing members and stakeholders throughout the year”.
