Six-figure profit for Sussex

Sussex members will receive further information on Hove ground redevelopment plans at the AGM

Sussex have announced a six-figure surplus for the last financial year.

The south-coast county have recorded a profit, after tax, of £203,534 in the year ending October 31, 2008. An operating deficit was covered by interest earned on bank deposits.

The county received £356,972, the last instalment of the Spen Cama legacy, meaning they were able to write off exceptional expenditure of £328,703 incurred in the Hove ground redevelopment project.

Sussex had been informed in March 2008 by HM Revenue & Customs that the benefactor’s legacy of £12m will not be subject to corporation tax.

Sussex chairman Jim May said: “In some respects, the trading performance was disappointing, as we failed to achieve our income forecasts in 2008.

“We are pleased that Dave Brooks, who has a strong commercial background from industry, was appointed chief executive of Sussex last month, with a brief to drive our income to support our successful cricket set-up.

“We have a clear aim to break even at the operating level within three years, something we are confident we can achieve despite the challenging financial climate.

“In these numbers, we have taken the opportunity to write off the development costs incurred to date although the planning permission granted does have value and we have undertaken work that will be useful in the future.

“At Sussex we are determined that our county will be well placed to remain a success story. Our major challenge as a board remains the need to improve the business side to sustain the cricket.”

Sussex members will receive an update on ground development plans at the Annual General Meeting on March 31.