Durham Cricket are now in a position to announce the financial results for the year ended 30th September 2019.
The club are pleased to record a profit before tax of £139,983 a turnaround from a loss of £1,125,759 in 2018. The main reason for this being the increase in turnover from £5,016,328 to £6,550,378 following the successful staging of three Cricket World Cup matches at the Emirates Riverside during the 2019 season, alongside a series of successful concerts during the summer months.
Whilst the club is still hindered with legacy loans and debt the overall net assets of the business improved to £4,101,661 from £3,961,678 during the financial year.
During 2020 the club has continued to work with its counterparties and has been successful in paying down a large proportion of the higher rate debt outstanding at the end of 2019.
The impact of the current Covid-19 pandemic on sport and hospitality has been significant, a structured cost reduction programme has allowed us to mitigate the lack of sponsorship and match day revenue as much as possible during these challenging times. The programme will continue up to the start of the 2021 campaign to ensure that the club is as well placed as possible to return to normal trading conditions in 2021.
The club are currently looking at a membership donation program to include 2021 incentives in order to retain as many of the 2020 membership fees as possible, this will be crucial in helping the club maintain it’s financial position for next season.
More details will follow on the above scheme as we continue to work very closely with the ECB and government to hopefully get crowds into some of our fixtures during the current season.
We would like to thank all Durham Cricket members for their patience throughout this difficult period.