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ACCOUNTS: Sussex announce operating surplus

26-Feb-2015

Sussex CCC has today announced an encouraging set of financial results for the year ended 31 October 2014 including a positive EBITDA (Surplus before depreciation).

Operating income up 4% to £5.7m (2013; £5.4m).

EBITDA (Surplus before depreciation) of £122k (2013 deficit of £103k).

Speaking today Sussex Chairman Jim May said “These results reflect really well on the hard work of our Chief Executive Zac Toumazi and his team. These figures are a notable improvement on the prior year, especially as we had benefitted in 2013 from significant income from a match against Australia.

“It is also a strong performance given we believe that the new domestic match schedule in 2014 cost us over £100k of lost income.

“The most significant contribution to our financial upturn was from our commercial team, helped by two major new shirt sponsors, Palmer & Harvey and Jointing Technologies, who increased income by some 38%. Our catering and events team saw improved sales and margins. In this context it is very heartening to see The BrightonandHoveJobs.Com County Ground being used much more outside cricket and therefore our non-match income increased by 15% in 2014.

“After taking account of non-cash depreciation of £543k which Sussex prudently accounts for, the Club recorded a deficit of £418k in 2014 (£630k in 2013).

“Sussex remains in strong financial shape with no debt and had cash of over £1m at year end.

“Turning to our current year, although we expect a tighter year financially we are very encouraged by our results to date with all areas performing well against budget and an increase in membership numbers compared with the same time last year. We are also looking to build five new business units for rental in 2015 in the north-east corner at Hove as we continue to develop our business model.

“Our improved trading has enabled us to invest further in the playing squad. We believe that we have a very competitive squad, ably led by Mark Robinson and Ed Joyce, and look forward to the new season with great optimism.”

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