Warwickshire CCC announce financial results for 2019/20
Warwickshire County Cricket Club has released its Annual Report from the COVID-affected 2019/20 financial year, which has confirmed an expected decrease in earnings before interest, taxes, depreciation, and amortisation (EBITDA) and operating profit.
A significant downturn in profitability was anticipated in the Club’s 2019/20 results due to the comparative attractiveness of the Major Match programmes between 2019 and 2020, with this trend further impacted by the onset of the COVID pandemic. However, due to effective cost-saving and revenue retention measures, Warwickshire CCC still achieved an EBITDA of £1.8 million, around £1 million less than anticipated before the pandemic. In turn, this saw the Club generate an operating profit of £281,000.
“Strong sales of Major Match tickets and Club Memberships for the 2020 season put us in a good position to initially mitigate the impact of COVID,” said Warwickshire’s Chief Operating Officer, Craig Flindall.
“Major Match ticket sales in March 2020 were significant ahead of budget, with three days sold out, and we were able to retain these revenues through the game’s ticket cancellation insurance.
“Whilst the relocation of these matches did result in the loss of hospitality, catering and retail revenues, we are very grateful to the ECB and the overseas boards for the great efforts made to stage these matches in bio-secure venues in order protect the whole game’s revenues.
“In addition to the profit protection measures we put in place, we are very appreciative of the support of Members, supporters and our strategic partners which should ensure that the Club is able to continue to trade through this uncertain period whilst we await the return of crowds and our conference and events business.”
Warwickshire CCC placed a large focus on managing the financial impact of COVID by investing in its stakeholder relationships, with more than 60 per cent of Club Members donating their annual subscription in addition to strong support from its commercial partners.
“We were overwhelmed by the generosity and support of our Members, supporters and stakeholders,” said Stuart Cain, Chief Executive of Warwickshire CCC. “Huge thanks go to the many Members who donated their subscriptions and to the commercial partners who continued to invest in our match day activation and in the enhanced live stream of our matches, which was developed to support fixtures being played behind closed doors.
“Birmingham City Council, ECB and our funding partners also continue to show unwavering support to the Club.”
Over the course of the COVID pandemic, Warwickshire CCC has led several major community response initiatives, including the donation of the car park at Edgbaston as a COVID test centre, staging a food storage and distribution hub for a charity fighting food poverty, creating a Christmas toy bank for disadvantaged families, and making phone calls to elderly Members and supporters.
Cain added: “As a sporting organisation it’s critical that we do everything possible to serve the communities that we represent and that we show support during a time in need. I’m very proud of the efforts that the Club and our staff have made and we will do more to build on this response to COVID when we return to full cricket and business operations in the coming months.”
Warwickshire CCC received a further boost earlier this week when it was awarded a men’s Test match in England’s LV= Insurance series with New Zealand, which begins on 10 June. This is in addition to England men’s Royal London International versus Pakistan and Vitality Blast Finals Day; both of which are already sold out.
© Cricket World 2021