Edgbaston Development Boosts Club Profit

Following the completion of the £32m redevelopment at
Edgbaston, Warwickshire County Cricket Club has announced a 50% increase
in turnover and an operating profit of £326,828 for the year ended 30th
September 2011.?

In 2010 the club made a loss of £2,102,883.??

With
the redeveloped Edgbaston Stadium accommodating a combined attendance
of more than 110,000 for the 3rd npower Test Match between England and
India and Friends Life t20 Finals Day in 2011, the results are
encouraging for the Club following the disappointment of reporting an
operating loss in 2010.??

Year on year turnover increased by 50%
as the club maximised its new 25,000 capacity for its two Major Matches,
in comparison to the reduced capacity for the fixtures in 2010 whilst
the development work was on-going.??

As well as the major match
cricket success, the club has also reinvigorated its hospitality and
events business by creating a joint-venture company, Edgbaston
Experience Limited, with its long-standing catering partner Compass
Group, for the operation of its new conference, banqueting, wedding, and
exhibition facilities.??

Craig Flindall, finance director of
Warwickshire County Cricket Club, said: ‘The redevelopment is an
essential part of creating a more rounded and robust business model and
has already shown to be paying dividends for the Club after it was
opened on schedule for the India Test Match in August.’

‘The
main contract was also delivered under budget, which represents a
significant achievement for the Club.  It has made the last 12 months
one of the most exciting periods in the Club’s history and these results
are certainly a step in the right direction following the
disappointment of 2010.’?

‘Whilst we’re acutely aware that we are
still trading in tough economic conditions and have on-going repayment
obligations to meet, with England playing at Edgbaston in all three
forms of the games in 2012; 31 days of major match cricket confirmed
here in the next five years and the growing popularity of our new
facilities for conferences, weddings and exhibitions, we have much to
look forward this year and beyond.’