20th June, India v South Africa, 09:30 GMT
Following the completion of the £32 million redevelopment at Edgbaston, Warwickshire County Cricket Club has today announced a 50% increase in turnover and an operating profit of £326,828 (2010: loss of £2,102,883) for the year ended 30th September 2011.
With the redeveloped Edgbaston Stadium accommodating a combined attendance of more than 110,000 for the 3rd npower Test Match between England and India and Friends Life t20 Finals Day in 2011, the results are encouraging for the Club following the disappointment of reporting an operating loss in 2010.
Year on year turnover increased by 50% as the Club maximised its new 25,000 capacity for its two Major Matches, in comparison to the reduced capacity for the fixtures in 2010 whilst the development work was on-going.
As well as the Major Match cricket success, the Club has also reinvigorated its hospitality and events business by creating a joint-venture company, Edgbaston Experience Limited, with its long-standing catering partner Compass Group, for the operation of its new conference, banqueting, wedding, and exhibition facilities.
Craig Flindall, Finance Director of Warwickshire County Cricket Club, said: "The redevelopment is an essential part of creating a more rounded and robust business model and has already shown to be paying dividends for the Club after it was opened on schedule for the India Test Match in August. The main contract was also delivered under budget, which represents a significant achievement for the Club. It has made the last 12 months one of the most exciting periods in the Club’s history and these results are certainly a step in the right direction following the disappointment of 2010."
"Whilst we’re acutely aware that we are still trading in tough economic conditions and have on-going repayment obligations to meet, with England playing at Edgbaston in all three forms of the games in 2012; 31 days of Major Match cricket confirmed here in the next five years and the growing popularity of our new facilities for conferences, weddings and exhibitions, we have much to look forward this year and beyond."