Warwickshire CCC releases 2023 financial results

Warwickshire County Cricket Club has reported buoyant annual revenues fuelled by last summer’s Ashes at Edgbaston.

Turnover at £32.8m was £6.5m higher than 2022 – up 25 per cent – with increases in cricket, catering and hospitality income largely driven by record crowds of 138,000 across the Men’s and Women’s Ashes.

However, due to the results spanning a transitional 15-month trading period (from 1 October 2022 to 31 December 2023) and cost increases, including higher energy bills and Major Match Day staging fees, Club profits fell slightly. 

EBITDA (Earnings Before Interest, Tax, Depreciation & Amortisation) showed a marginal decrease of £0.4m to £6.1m in 2023, while the Club’s retained profit of £1.2m was down from £2.0m in the previous year.

Craig Flindall, Warwickshire’s Chief Operating Officer, said: “Revenue was substantially higher but so were our costs, due to the longer trading period and certain macro-economic factors. Overall it’s been a very positive period for the Club and we’ll be looking to build on this performance in 2024 and beyond. 

“The sales outlook for 2024 is strong. Several days are already sold out, including the first three days of the Men’s West Indies Test, the Men’s IT20 against Pakistan and Vitality Blast Finals Day, while over 10,000 tickets are sold for the Women’s IT20 versus Pakistan. And the domestic Vitality Blast competition continues to grow alongside The Hundred. 

“In terms of ticketing, we are now cricket’s fastest selling venue outside of London.

“However, lower ticket prices for our Major Match Days are expected to mean profits decline in 2024 in line with our long term financial plan.

“We’ve also seen strong performance in the Catering & Events side of the business. Last year saw a total of 680 events staged here with delegate numbers up by more than 13,000. Last year saw our exhibitions figures return to where they were pre-Covid.

“And the Club has made good progress on Edgbaston Stadium’s Masterplan with the new entrance Plaza and Skyline West hospitality area completed on budget and on schedule.

“The next phase of development works includes the rebuilding of the Raglan and Priory stands with an integrated hotel. Funding for part of the project was recently secured in principle from the West Midlands Combined Authority and we’ll be briefing members and stakeholders throughout the year.”

Edgbaston’s Masterplan has also progressed with the opening of the neighbouring Corkfield complex – featuring 375 luxury apartments – and Xcelerate with Edgbaston, a joint venture between the Club and its catering partner Compass.

Xcelerate with Edgbaston is a new catering and hospitality centre of excellence that offers apprenticeships, career development, and skills training for people wanting to work in the sector, including jobs at the stadium.

Chief Executive, Stuart Cain said: “This solid financial foundation has allowed us to invest in the Warwickshire squad for 2024. We’ve made some fantastic signings, including England bowlers Richard Gleeson and George Garton, and the squad is now one of the most exciting I’ve seen here in my tenure.

“We are looking forward to our Major Match Day schedule this year, with England’s men taking on the West Indies in a Test and Pakistan in an IT20, and England’s Women also facing Pakistan in what promises to be a great occasion. Hopefully it will help inspire more women and girls to pick up a bat and ball.

“And we’ve also made excellent progress on our Equality, Diversity and Inclusion pledges which form our Edgbaston for Everyone plan. We want to 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 year we hosted our inaugural Vaisakhi Cricket Cup, staged celebrations for Christmas and Easter, organised the country’s first LGBTQ+ first cricket tournament, and brought together an all women grounds staff to prepare an international wicket at Edgbaston.

“Our education project in association with Sandwell College is also thriving with increasing numbers of 16 to 18-year-olds gaining sports science and coaching qualifications from classrooms here at our Indoor Centre.

“And we’ve taken a lead on sustainability in cricket by staging our first Go Green Game for last year’s IT20 against New Zealand. The green changes we trialled for that game cut our match day carbon emissions by a third. We’ll learn from that and do even more.”

Click here to read the Club’s Annual Report which includes a breakdown of its financial performance and an update on the Club’s EDI work.