06 Dec 2012
Somerset announce a record operating profit of £409,403 (EBITDA £563,332) for 2011/12
Somerset County Cricket Club is proud to be able to announce a profit of £409k for the 2011/12 financial year (EBITDA £563,332). Despite one of the wettest summers on record and poor economic conditions the Club continued to see strong attendances and once again significantly increased its Membership revenue.
The figures were boosted by excellent cricketing performances with the Club achieving Runners-Up in theCounty Championship as well as staging a home FLt20 quarter-final this season. Our catering, conference and banqueting business generated substantial turnover at a healthy margin. Finally, the Champions League 2011 campaign and the Elton John concert both made modest contributions to profit.
Chief Executive Guy Lavender has welcomed the announcement and believes that it is a testament to the efforts of everyone connected with the Club: “This has been a very tough year and whilst we have seen some weather-related reductions in match receipts, we have been able to drive the Club’s business forward in a number of different areas. It is of credit to both our playing and non-playing staff who have worked hard to make sure that we have thrived again this year.”
The Chief Executive continued: “This year’s results are ahead of our record profit in 2011 and considering the challenges of 2012, it demonstrates that we are able to achieve consistently high levels of profitability. Looking forward to next year, there is every opportunity for us to continue to increase the financial strength of the Club. It is satisfying to see that the Club is making progress on and off the field.”Chairman Andy Nash believes these results are laying the foundations for the Club’s future: “Strong finances are the bedrock of being able to deliver cricketing success and to create a ground which provides excellent facilities for our Members and visitors. It is a credit to our General Committee, management and staff that our long term vision remains on track despite tough challenges being posed by the difficult economic conditions and the wettest summer in a century.”
“Our twin ambitions are to win the County Championship and to bring one day international cricket to The County Ground. This set of results demonstrates we’re achieving a consistently high level of profitability, underpinned by the strong support from our Members, spectators and our community in the West Country.”
The Chairman concluded: “We are well placed to begin preparatory work on the next phase of ground development and having consolidated and strengthened our cricketing squad for next season, we are in good shape for the 2013 campaign.”