Kent Cricket Announce Loss for 2011-12
By iSportconnect | March 26, 2013
Kent County Cricket Club have announced an EBITDA (earnings before interest, taxes, depreciation, and amortisation) loss of £272,294 ($413,314) for the year ending 31 October 2012 after revealing their 2011-12 financial results.
This is an improvement of £113,000 ($171,515) over the previous year’s results (after a one-off payment of £800,000 to the ECB is excluded). It is also the fourth consecutive improvement, after losses were more than £640,000 ($971,415) in 2009.
After interest, depreciation and the net impact of other items is taken into account, the historical cost deficit for the year after taxation was £628,054 ($953,292).
A club statement read: “Whilst these figures are superficially disappointing, to have made progress in the wettest summer for over a century, which led to the Club suffering the lowest gate receipts since 2004, members and supporters should be reassured that the Club’s long-term plans remain on course.
“2012 was always going to be a difficult year with a reduced T20 competition, which was up against the European Football Championships and the new revenue streams created through redevelopment yet to be fully established. This difficult environment was then compounded by the terrible weather and the Olympics.
“It is expected that 2012-13 will see further considerable improvements in profitability as the value of new catering arrangements, rental incomes (including Sainsbury’s Local) and cost savings across the business take full effect. In addition, the Club has recently announced its partnership with McCarthy and Stone and the hope is that the Old Dover Road side of the ground may be developed.”
The club’s Chief Executive Officer, Jamie Clifford, added: “We had expected to close the operating loss quicker than was possible last year, but it has to be remembered that it was an exceptionally bad year weather wise.
“We put together a long-term financial plan for the Club in early 2011 and we remain on course. With activities over the winter months and our plans for this summer, we expect further improvements during 2013.”