Improved results as Warwickshire CCC rises from the Ashes
DESPITE missing out on hosting an Ashes test, Warwickshire County Cricket Club has reported a year-on-year increase in annual turnover and EBITDA for the financial year ended September 30.
The club’s primary profitability measure, EBITDA – earnings before interest, taxes, depreciation, and amortisation – increased by 90% from £755k to £1.4m whilst turnover increased by £222k to £11.74m.
The operating result for the year was a profit of £4.5k – against a loss of £668k in 2012 – including a depreciation charge of £1.4m following Edgbaston’s recent £32m redevelopment.
During the year the club’s Edgbaston Stadium hosted five major games, including the final, of the prestigious ICC Champions Trophy and t20 Finals Day.
Craig Flindall, finance director of Warwickshire CCC, said: “The 2013 financial year was the first in which the club operated according to its new strategic plan, which maps out our main targets up until the end of 2016. This plan has the support of both the ECB and our main funding partner Birmingham City Council.
“The achievement of several objectives within the plan helped to deliver the improved financial results over the last 12 months.
“The significant depreciation charge will be a feature of our financial results for the foreseeable future. The loss on sale of land in the year needs to be seen in the context of the profits on disposal of land in prior years. Both items are non-cash transactions and should not over shadow the good progress that has been made to improve operating performance.”
The 2013 season also saw Warwickshire return to the top of the rankings for ECB performance related fee payments (PRFP), which all counties receive for producing international players for the senior England men’s team. The club has now been in the top two of this category for the last four years.
Colin Povey, chief executive of Warwickshire CCC, said: “The absence of test cricket once again in 2014 represents a further challenge before the return of an Ashes test to Edgbaston in 2015.
“However, hosting India on two occasions and the changes to domestic twenty20 cricket schedule, featuring more Friday night games, are great opportunities that we are looking to make the most of in 2014.”
