Glamorgan County Cricket Club Limited has today announced record trading results for the 13-month period ending 31st December, 2008.
Despite the current financial downturn, Glamorgan Cricket has reported an operating profit before interest, tax and deprecation of £992,879 (2007: £434,355).
It is the second successive year in which the Club has reported a profit after a decade of continued losses.
Other key highlights:
- Turnover increased to £6,772,437 – up 115% on the figure reported in 2007 (£3,142,824).
- The retained profit for the period totalled £75,610 (2007: £14,688).
- During the period, the Club generated a cash inflow of £2,174,335 and had cash balances of £2,382,447 at 31 December, 2008.
- It also made a £250,000 capital repayment against its bank loan – this is the first time in the Club’s history that any loan has been repaid.
Glamorgan Cricket continues to grow, despite the current economic climate. Having recently made a number of key management appointments, increased its membership and sold 80% of its hospitality covers for the 1st npower Ashes Test match, the Club is now attracting further sponsors, confirming its reputation of delivering value to brand association partners.
Commenting on these record results, Club President David East said;
“Everyone at the Club has worked tirelessly to achieve these record results. We are extremely appreciative of the continued support from our Members, supporters, corporate guests and ever increasing list of sponsors.”
“We are a Test match Ground and Glamorgan Cricket has proved that it is a successful business off the field. We look forward to an exciting season on the field following the record investments that we have made in the team this year.”
“To be a successful Test Match ground and to have a winning Glamorgan team is our aim, these objectives are not mutually exclusive. “
Adding to this, Glamorgan’s Finance and Commercial Director, Alan Hamer said;
“The Club’s financial position continues to improve and we eagerly look forward to 2009 which will be the biggest year in the Club’s history.
In addition to ensuring that the 1st npower Ashes Test match is both a commercial and operational success, we are totally focused on increasing attendances at Glamorgan matches. With this in mind and given the challenging economic climate, not only have we frozen our 2009 match day prices but are also offering a further 33% discount for tickets that are purchased in advance”.
© Glamorgan Cricket