Lancashire Cricket announces operating profit for 2023
Lancashire Cricket is pleased to announce that it recorded an operating profit of £5.3 million excluding special items for the year ended 31 December 2023. This year, the club made a record £36.5m of his earnings (25% increase on 2022). , the pre-tax surplus was £1.3 million.
Emirates Old Trafford hosted two major men's international matches last year, the men's Ashes Test match and the IT20 against New Zealand, with both games selling out in advance. Ticket sales for Vitality Blast remain strong, while attendance figures for The Hundred competition continue to rise, with a total of 63,000 tickets issued for his four games at Emirates Old Trafford. Ta.
The on-site Hilton Garden Inn hotel recorded revenues of £6.5m, while Emirates Old Trafford's conference and events business continued to grow, contributing to revenues of £4.1m. The venue also hosted his two sold-out Arctic Monkeys nights, with over 100,000 people in attendance.
The club has borrowed £32.2m, which includes £8.5m of additional funding for the hotel expansion in 2023. The 100-bed extension also included a new members restaurant and lower stand and concourse, which was initially opened ahead of the men's Ashes test match in July. The additional bedrooms were made available to him from October and quickly showed very encouraging occupancy rates.
It was recently confirmed that Lancashire Cricket had successfully completed the bidding process for a Tier 1 women's domestic team. This means the club will take full ownership of the Lancashire Thunder side, which will compete in Tier 1 T20 and 50-over competitions throughout the first four seasons from 2025.
Construction work began on the club's second ground in Farrington in December, with Lancashire County Council working in partnership with Lancashire Cricket. The purpose of the venue is to create a new year-round facility to replace Emirates Old Trafford, hosting a number of competitive men's and women's matches each season, and provide a new training base for Lancashire's men's and women's teams. Teams from age groups to top teams. The venue is expected to open late next year and professional cricket will be played at the ground from 2026.
Looking ahead, Emirates Old Trafford will host the Sri Lankan men's Test match in August, followed by Australia's IT20 in September, as well as two nights of Foo Fighters and one night of Green Day in June. A total of three concerts will be held in the evening.
Angela Rose, Chief Financial Officer of Lancashire Cricket, said: “It has been another incredibly busy 12 months for everyone involved at the club. It has been a huge effort from our staff to achieve everything we have done this year. I would like to go on record to thank them for all their hard work and dedication.
“We are very pleased that we were able to open the Hilton Garden Inn addition on time and on budget this year, as this facility supports the club's long-term financial position. I would also like to thank Metrobank for their continued support, particularly in terms of funding new developments.
“Although the Men's Ashes Test was a success, we were greatly affected by the weather over the last two days. The economic impact was disappointing.
“Securing a women's team is also an important step for the club and we look forward to watching Lancashire Thunder grow and develop on and off the field over the coming years.
“Maximizing revenue and managing costs will be critical for us throughout next year, particularly with increased utility costs and major matchday operating costs, but managing debt is one of our key priorities. That's clear. Overall, this is a very positive period for the club and we hope to build on this performance in 2024.
“Cricket revenue this year will be lower compared to the 2023 Ashes Test as the Sri Lanka Men’s Test match will be held at Emirates Old Trafford. However, additional commercial revenues such as hotels, conferences and events will We seek to compensate for this by focusing on opportunities' events and three concerts that we host. ”
Click here to read the annual report, which includes a breakdown of the club's financial performance. It will be presented to the membership at the end of May for approval at the Annual General Meeting.