Sussex post financial results
Sussex have announced their results for the financial year ending October 31 2012.
The club revealed an unchanged operating income of £5.2million, an operating surplus of £227,775 (a significant improvement on 2011’s £12,026) and an accounting deficit on £325,375 (compared to £123,718 in 2011).
Sussex treasurer Simon Crundwell said: "Whilst a £227k operating surplus is a credible outcome, it was boosted by the one-off receipt of £133k in respect of the settlement of a legal claim.
“Alongside continuing challenging economic conditions, the unseasonal weather in 2012 contributed in part to our match income being 22% down on prior year.
"However, alongside the legal claim, income from our home Clydesdale Bank 40 semi-final and home Friends Life t20 quarter-final was vital. Encouragingly, our non-match day revenue continues to grow, 28% ahead on the prior year, which is an important cornerstone of our medium-term business plan.
"The deficit of £325k recorded is after charging increased depreciation of £553k, reflecting the completion of our ground redevelopment. Importantly however, the club remains cash positive at an operating level with £95k generated from continuing operations after interest and before non-repeat income and depreciation."
Sussex chairman Jim May said: "The county club business model is marginal and without our success in one-day competitions, Sussex would have made an operating loss. However, it is pleasing that, whilst the playing side remains strong, we are making progress year on year on the business front.
"Sussex is a stable club with no borrowings and cash reserves of around £1m. Having invested nearly £10m in our wonderful ground at Hove in recent years, a major focus for our new chief executive, Zac Toumazi, is to increase attendances both at cricket and other events.”