LCCC announce second successive year of net profit
Mon 30 Jan 2017
Leicestershire County Cricket Club are delighted to announce a net profit for the second year in a row. The financial statements for the year ending 30th September 2016 show a net profit of £8,813 (2015: £4,315). This follows three years of cumulative losses in excess of £500,000 between the period 2012-2014.
The scale of operations increased by 17% overall with total income reaching an unprecedented £4.2m in 2016 (2015: £3.59m), with commercial income accounting for 62% of this increase.
Leicestershire CCC’s commercial revenue streams increased overall by 35% in 2016 to £1.465m (2015: £1.086m), and have almost doubled over the last three years. The club successfully hosted a profitable Elton John concert and an exclusive evening with Lord Mervyn King, former Governor of the Bank of England. In addition, the club confirmed a new 5-year Ground Naming Rights partnership with Fischer Future Heat and installed permanent floodlights, which formed part of a £2.3m investment in ground facilities during the year.
The net assets of Leicestershire CCC are £3.17m as at the balance sheet date. The club’s net current assets year-end position is a significant improvement on the net current liabilities of £348k reported 12 months earlier.
Leicestershire CCC Chief Executive Wasim Khan MBE said: “We are delighted to be announcing a second successive year of net profit. The significant improvement in the financial performance of the club has been a real collective effort by everyone. Our operating profit of £88,746 (2015: £87,584) also suggests that we have stabilised financially, which was a key aim of the 5-year Business Plan.
“This progressive trend is expected to continue for the foreseeable future. Becoming financially sustainable, strengthening our playing squad and improving facilities for Members remains an ongoing priority, and I’ve been delighted with the significant progress made in all of these areas over the last 12 months.”
* Leicestershire CCC have also given notice of the Annual General Meeting (AGM). It will take place at 7pm on Wednesday, 22 February, 2017 in the Charles Palmer Suite at the Fischer County Ground, Grace Road.
