Kent County Cricket Club has today announced its Club’s financial results for the year ending 31st October 2013, presenting vastly improved annual accounts.
EBITDA (earnings before interest, taxes, depreciation, and amortisation) profits for the year were £156,778, which represents a year on year improvement of £429,072 compared to 2012–13. This represents a fifth successive annual EBITDA improvement, which has seen an improvement of £800,000 since 2009.
After interest, depreciation and the net impact of other items, which includes the profit on the sale of the former Club office, the historical deficit for the year after taxation was £98,576, a dramatic improvement on the loss in 2012 of £628,054.
In addition to the improvement in trading results, the Club was able to report a strengthened Balance Sheet position. Following a post-redevelopment revaluation of the ground, the tangible fixed assets of the Club have increased from £12.4 million to £12.9 million.
Chief Executive Officer, Jamie Clifford, commented; “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.”
“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 2nd April at The Spitfire Ground, St Lawrence at 7pm. Members will receive the financial accounts and report in the next few days.