Mood optimistic despite club loss

After six consecutive years of improvement in their core financial results, Kent have posted a loss, although the club remains in good shape off the field, according to outgoing chairman George Kennedy. Financial figures for the year ending October 31, 2016, came out today (Thursday)and revealed the club’s EBITDA – earnings before interest, taxes, depreciation and amortisation – showed a loss of £65,835, down from a profit of £345,784 12 months earlier. A payment from Mccarthy & Stone for the land currently being developed for retirement properties on the Old Dover Road side of the ground did, however, go a long way towards the club recording a historical post-tax surplus for the year of £1.897m. Mr Kennedy said the results were largely positive, although he accepted the pay-out from Mccarthy & Stone had influenced the figures, adding: “Of course we had the bonanza of the Australian tour game in the previous year and a T20 quarter-final, which we did not have this year. These results are actually positive and one of the most impressive things is that membership has actually gone up.” Chief executive Jamie Clifford added: “It was a tougher year from a trading perspective but the club’s overall financial health is much improved.” A small trading loss was expected due to the absence of a tour match and whiteball quarter-final in 2016, while Kent also re-paid almost £2m of loans from the ECB, Canterbury City Council and to Mr Kennedy himself during the 12 months. The forecast for the 2017 accounts looks brighter with the West Indies tour match in August and the Spitfires’ home T20 matches played predominantly during the school summer holidays. The club’s annual meeting will be held on Tuesday, March 28 (7pm), at the Spitfire Ground, St Lawrence. Members will receive the financial accounts and report in the coming days.