Profits dip at Edgbaston despite the Ashes boost
AN ASHES Test provided a bumper boost to Warwickshire County Cricket Club but failed to prevent a drop in profit at the sporting institution.
Tens of thousands of cricket fans descended on Birmingham last June for the first test between England and Australia, contributing to a £6.5 million rise in revenue at the club.
However, higher energy bills and fees to host major matches meant a drop in pre-tax profit, according to the club’s latest annual accounts.
The newly published financial report, for the 15 months to December 31, 2023, showed income had climbed from £26.2 million to £32.7 million but pre-tax profit fell from £3.61 million to £2.93 million, compared with the 12 months to September 30, 2022. Warwickshire CCC said the men’s and women’s Ashes matches last summer drew in record crowds of 138,000, with ticket sales and hospitality providing a bumper payday for the club.
Away from action on the pitch, Edgbaston stadium hosted 680 events and welcomed more than 13,000 delegates as attendances to its exhibitions returned to pre-covid levels.
The regeneration of the famous venue and its surrounds continues with a new 375-apartment complex called Corkfield, entrance plaza and Skyline hospitality area all completing during the financial period.
It has also opened Xcelerate with Edgbaston, a new catering and hospitality centre offering apprenticeships, career development and skills training.
Future plans include the rebuilding of the Raglan and Priory stands with an integrated hotel, for which fundraising is currently ongoing.
Chief operating officer Craig Flindall 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.”