Leicestershire CCC Break Five-Million Yearly Turnover For First Time

Year-end annual reports for Leicestershire CCC (30/09/2022) detail its emergence from COVID disruption, leading into a positive Q1 in the current ‘building’ phase of its turnaround strategy.

Leicestershire County Cricket Club has issued its annual report and accounts for the year ended 30 September 2022 ahead of the Members AGM in late March 2023.

During the last year, total income increased by 3.3% to a record turnover, surpassing £5.0m for the first time in the history of the Club. However, increased cost challenges were faced in the post-pandemic era, compared to the reduced expenditure the previous year partly as a result of national mitigation measures including government business and job retention grants.

Due to the economic climate, increased costs were the biggest challenge faced during 2022, with overheads increasing considerably across the maintenance of facilities and catering. The cancellation of a planned concert featuring Paloma Faith was a financial blow, and the Club posted an overall financial loss after tax of £320k for last year (2021: £483k profit after tax) with an EBITDA of minus £73k.

Within the turnover figures lie encouraging signs across all parts of the business that provide a basis for the Club to continue to grow, and when comparing to the last ‘normal’ year (2019) demonstrate a positive direction of travel.

Notably, the 2022-year end showed a £466k reduction relating to ECB funding in what the Club had foreseen was going to be a challenging year financially.

Leicestershire CCC has seen a substantial restructure since October 2022, and early notable progress has already been made since last year, as net profit for the first third improved by £224k, and turnover £360k ahead on a like-for-like basis.

In addition, since the start of the 2023 financial year, LCCC has secured major extensions of significant corporate sponsorship, including a Ground Naming Rights partnership with Uptonsteel agreed for an additional two years until the end of 2024.

From a cashflow and funding perspective, the Club “ for the third year in succession “ did not need to utilise its operating banking facilities available through Barclays Bank and earlier this year, agreed a re-profiling of its debt repayment facility with the City Council. Total debt was reduced by £223k during the 2022 year.

The report from the Club’s ‘emergence’ phase of their turnaround strategy follows the announcement earlier this week of ‘The Masterplan’ “ a look at the significant community-driven investment planned at Leicestershire CCC, and the commercial opportunities those plans propose to drive the Club forward and provide financial security for the future.

Leicestershire CCC Chief Executive Sean Jarvis said: â€œSo much has happened in the administration of the Club over the past six months to make sure Leicestershire CCC isn’t a Club that just survives, but one that thrives for years to come.

“As we build a culture of accountability alongside the robust infrastructure being implemented both on and off the pitch, I’m confident that the challenges we’ve faced through this period of ‘emergence’ have paved the way for us to focus firmly on building the Club’s bright future.

“We’ve got work to do now to realise our ambitions for Leicestershire; the early 2023 figures show that we’re well on our way.”

Leicestershire County Cricket Club will hold its 2023 AGM at 7pm on Wednesday, 29 March 2023 in the Charles Palmer Suite at the Uptonsteel County Ground, Grace Road, Leicester, LE2 8EB.

The Annual Report & Accounts for the financial year ended 30th September 2022 will be sent to Members along with the notice of the AGM, agenda and other paperwork.

Members eligible to vote will receive their AGM packs in the usual way by post.

If you are a Member and have any questions relating to receiving the paperwork, please email hr.gov@leicestershireccc.co.uk.