Wednesday, 16 April 2008

Surrey County Cricket Club Announces Record Profits

15 April 2008 The Brit Oval Surrey County Cricket Club announced record financial results for 2007. Annual turnover was £23,407,000 with pre-tax profits exceeding £721,000, the highest in the Club's 163-year history. This represents a growth in turnover of 29.7% and a significant increase in pre-tax profits of 108.4% from 2006.

A major factor behind this significant growth has been the success of the Club's off-field business activities. Oval Events - the organization that runs the hospitality, conferencing and events at the Brit Oval - has performed particularly well recording a turnover of £2,965,000, just for conferencing and events in 2007, an increase of 50.5% from the £1,969,000 achieved in the previous year.

Since the completion of the OCS Stand in 2005, with its substantial conferencing and events facilities, Oval Events has been able to develop a healthy year-round revenue stream. Oval Events Limited was founded in 2004 as a joint venture with Compass Group PLC.

2007 saw international gate receipts generate over £5,815,000 courtesy of the four international matches staged at the Brit Oval, a 66.8% increase from 2006.This can be attributed to the two West Indies International Twenty20 matches that were hosted in addition to the regular Test and One-day International Match schedule.

The future is looking positive as well, given the solid commercial strategy that Surrey County Cricket Club has in place. The redevelopment of the Pavilion End, for example, includes a 170-room hotel that is due for completion in 2010 and will contribute to improved facilities at the ground. In addition, the Brit Oval has been selected as one of three venues to host several matches of the ICC Twenty20 World Cup in 2009, which is another major opportunity for the Club to increase revenues.

Chief Executive Paul Sheldon said "We're very pleased that 2007 has been a record year for us off-the-field. All areas of the Club are performing well and we're really building on our potential. Our prospects for growth over the next few years are equally strong. Aside from other International matches, we will host an Ashes Test Match next summer and the ICC Twenty20 World Cup will be an important income generator for us. Further to this, the planned redevelopment of the Pavilion End will provide considerable benefits without any investment from the Club directly thanks to our partnership with Arora Hotels"

Since taking over as Chief Executive in 1996, Paul Sheldon has overseen the development of the business from a £4million annual turnover.