Warwickshire County Cricket Club has recorded encouraging financial results as the Club continues its return to pre-pandemic trading levels.
The Club recorded an operating EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) of £6.5m for the year ending September 2022 which is £3.7m (131%) up on the previous year. After depreciation, the accounts show an operating profit of £4.9m compared to a £1.2m profit in 2021.
Turnover at £26.3m was £8.6m (49%) higher than 2021, mainly due to the return of full crowds for the England men’s Test Match and IT20 v India, a sell-out Vitality Blast Finals Day and the successful hosting of the women’s cricket at the Commonwealth Games.
There was also strong attendance at Bears and Birmingham Phoenix domestic games, along with growth in the Warwickshire CCC Membership, with year-on-year Club Membership up 33% and general Memberships up 134%.
Craig Flindall, Warwickshire’s Chief Operating Officer, said he was pleased to see results back in line with those anticipated pre-COVID but stressed they should be viewed with “cautious optimism” due to increasing energy costs and uncertainty around consumer confidence.
He said: “First and foremost, we are one of the world’s most respected cricket venues, and a professional cricket club, so we continue to invest heavily in both the venue and our teams.
“However, we also need to manage our debt so that we can move on to the next phase of Edgbaston’s re-development.”
Chief Executive, Stuart Cain said: “This solid financial foundation has allowed us to invest in the Warwickshire squad for 2023, with Pakistan international Hassan Ali, England all-rounder Moeen Ali and the highly-rated Ed Barnard and Chris Rushworth joining the Club. We are also looking forward to the sold-out men’s Ashes in June, followed by what looks like being a record crowd for the women’s Ashes.
“Off-the-field, work over the last 12 months has seen the completion of a new public piazza at Edgbaston, and construction of 375 apartments along with a small number of retail units which will be completed in October of this year.
“The Club also hopes to speak to Members and the local community in coming months about a potential hotel and re-development of the Raglan and Priory Stands. However, plans to develop a new community hub in Edgbaston are under review following the unsuccessful bid for Levelling Up funding.”
Cain said the Club will look to bid again in Round 3 of the government’s Levelling Up Fund whilst also investigating alternative funding options.
“We still passionately believe it’s the right thing to do for Edgbaston stadium to become a hub for local employment, education and healthcare opportunities and for the stadium to provide a link for pedestrians and cyclists between Sparkbrook/Balsall Heath and the Midlands Arts Centre/Cannon Hill Park. Further afield, the Quinton community hub is also something we would still like to explore.”
This strategic ambition to make Edgbaston an asset for the wider community is reflected for the first time in the Club’s Annual Report which includes an update on the Club’s community and sustainability work. Click here to view the Annual Report.
Cain added: “We must make Edgbaston a hub for the local community, providing opportunities for people to celebrate the region’s cultural diversity, as well as improve their employment opportunities.
“Last May we welcomed more than 2,000 visitors for Eid al-Fitr celebrations thanks to our partnership with Green Lane Mosque, and we’re planning to celebrate future events such as the upcoming Vaisakhi and Easter.
“We have also hosted job fairs for local people, launched an education project for 16 to 18 year olds in conjunction with Sandwell College and signed up for the Real Living Wage with the ambition of employing as many people as possible from within a two mile radius of the stadium.”
The Club is also making progress on its environmental sustainability strategy. Edgbaston has already eradicated single-use plastics, lowered its carbon footprint and increasingly sources produce locally, including the creation of an on-site herb and vegetable garden.
“This is just the start of our journey in this vitally important area,” Cain continued, “and we’ve recently recruited our first Head of Sustainability to make sure we stay focused on meaningful change in years to come.
“Our efforts have already been recognised nationally as we were proud winners of the Sustainability Campaign of the Year at the ECB Business of Cricket Awards last November.”
Click here to view the Annual Report.
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