Tuesday, 5 March 2013
Financial results announced for 2012
The Yorkshire County Cricket Club will inform its members at the Annual General Meeting (AGM) on Saturday March 30 2013 that it has generated turnover of £7.8m and a post-tax deficit of £118k.
These results are improved over 2012, where income of £5.4m and a post-tax deficit of £460k were reported. The Club would have reported a surplus were it not for some one off expenditure, the impact of the Olympics on the Test Match corporate hospitality sales, and lost gate receipts from the unprecedented weather which saw 37 per cent of playable overs lost to rain, and the abandonment of the ODI.
The Club’s trading position in 2012 was very healthy, with a reported operational surplus (EBITDA) of £1.2m, compared to £393k in 2011. This is driven by the return of Test Cricket to Headingley, which was absent in 2011. The impact of the rain was partially mitigated by the exceptional performance on the field. Yorkshire won immediate promotion back to Division one of the LV= County Championship, were runners up in the FLT20 competition, with an unbudgeted income from a home quarter final, and finals day along the way. Success in the FLT20 also resulted in the Club qualifying to compete in the Karbonn Smart CLT20 competition in South Africa, which generated additional unbudgeted income from reaching the group stages.
The servicing of the Club’s debt, incurred to substantially develop the Club’s infrastructure and facilities, continues to exert pressure with £1m paid in interest in 2012. However, the fact that the Club has a guaranteed Test Match and ODI every year until the end of 2019 provides some assurances over income streams.
The Club looks forward to hosting the 2nd Investec Test Match between England v New Zealand in May, and the 1st NatWest ODI between England and Australia in September, with tickets and hospitality packages on sale now.