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Home   Kent   Sport   Article

Kent County Cricket Club are celebrating much-improved financial results, with EBITDA profit up more than £400,000 to the year ending October 2013

04 March 2014
by Alex Hoad

Jamie Clifford CEO Kent County Cricket Club

Jamie Clifford CEO Kent County Cricket Club

Kent are celebrating much-improved financial results according to figures released on Tuesday morning.

Figures for the year ending October 31, 2013 showed earnings before interest, taxes, depreciation, and amortisation (EBITDA) profits for the year were £156,778 - up more than £400,000 on the previous year.

It is the fifth straight year that the club's EBITDA figure has grown, with a rise of around £800,000 since the 2009 figures were released.

Overall the club did make a post-tax loss for the year of £98,576, though it was a vast improvement on the £628,054 loss in last year's figures.

The figures did include the profit on the sale of the former club office, while the club has also reported a strengthened balance sheet position, thanks in large part to a revaluation of the Spitfire Ground, St Lawrence, following redevelopment work.

As a result the tangible fixed assets belonging to the club have increased in worth by £500,000 to £12.9m.

A delighted Kent Chief Executive Jamie Clifford, said; “We are all very encouraged that the club can present a much improved financial picture.

"This turnaround is a result of a comprehensive and clear plan, put in place in late 2009.  All at the club have worked hard to ensure the delivery of that plan in an effort to secure long term sustainable profitability and financial stability.”

Mr Clifford added: "I would like to thank our members, supporters, commercial partners and sponsors for their continued support. Special mention must be made of Canterbury City Council for the part they have played in the improving picture, and Shepherd Neame, the Club’s major long term sponsor who became ground naming sponsor in 2013.”

The club’s AGM will be held on Wednesday, April 2, at The Spitfire Ground, St Lawrence at 7pm. Members should receive the financial accounts and report this week.

The positive news continues a recent trend for the club who last week announced the signing of Australian bowler Doug Bollinger for the 2014 season and saw talisman Darren Stevens avoid a global ban as he was acquitted of any wrongdoing by an anti-corruption investigation. 

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