Kent County Cricket Club has today announced its financial results for the year ending 31st October 2012. 
EBITDA (earnings before interest, taxes, depreciation, and amortisation) losses for the year were £272,294, which represents an improvement of over £113,000 compared to 2010–11 (once one-off ECB fee payments of £800,000 are excluded). This represents a fourth successive year on year EBITDA improvement, which has seen losses fall from over £640,000 in 2009.
After interest, depreciation and the net impact of other items, which includes the profit on the sale of ‘the groundsman’s house’, the historical cost deficit for the year after taxation was £628,054.
Whilst these figures are superficially disappointing, to have made progress in the wettest summer for over a century, which led to the Club suffering the lowest gate receipts since 2004, members and supporters should be reassured that the Club’s long-term plans remain on course.
2012 was always going to be a difficult year with a reduced T20 competition, which was up against the European Football Championships and the new revenue streams created through redevelopment yet to be fully established. This difficult environment was then compounded by the terrible weather and the Olympics.
It is expected that 2012-13 will see further considerable improvements in profitability as the value of new catering arrangements, rental incomes (including Sainsbury’s Local) and cost savings across the business take full effect. In addition, the Club has recently announced its partnership with McCarthy and Stone and the hope is that the Old Dover Road side of the ground may be developed.
Chief Executive Officer, Jamie Clifford, commented, “We had expected to close the operating loss quicker than was possible last year, but it has to be remembered that it was an exceptionally bad year weather wise.”
“We put together a long-term financial plan for the Club in early 2011 and we remain on course. With activities over the winter months and our plans for this summer, we expect further improvements during 2013.”
The Club’s AGM will be held on Monday 22nd April at the St Lawrence Ground at 7pm. Members will receive the financial accounts and report in the next few days.