Glamorgan announce operating loss of £307,778
- Published
Former England batsman Hugh Morris became Glamorgan chief executive in 2013
Glamorgan have announced an operating loss of £307,778 for the 2016 financial year.
The club reported an operating profit of £593,000 in 2015.
Glamorgan revealed the results in their annual report and also reported a turnover of £6,667,531.
"2016 has been a year of financial consolidation, building upon stability delivered through the 2015 debt write-down," said chief executive Hugh Morris.
The 2015 financial year was notable for Glamorgan arranging for major debts to be written off and hosting an Ashes Test match.
Cardiff Council agreed for £4.4m of debt to be cancelled, while Allied Irish Bank also agreed a 70% write-off of its debt and former chairman Paul Russell accepted a 75% loss.
During the 2016 financial year Glamorgan staged a first home domestic Twenty20 quarter-final for 12 years and staged two England international matches against Sri Lanka and Pakistan.
The county also diversified its activities after holding pop concerts involving Simply Red and the Kaiser Chiefs and hosting darts events.
The 2016 operating loss was before interest, tax, depreciation and amortisation (EBITDA).
"The club's annual financial results fluctuate significantly depending upon the quality and frequency of international cricket fixtures staged in Cardiff," added Morris.
"Consequently, the club's longer-term plan includes some years where it makes a profit and others where it makes a loss.
"Sandwiched between an Ashes year in 2015 and the Champions Trophy in 2017, 2016 was always projected to be the most testing year in the current cycle of allocated international cricket fixtures.
"Despite reporting a loss this year, the improvement in commercial revenues and a record level of performance for the conferencing and events business is encouraging."
International games in 2017
Glamorgan will host Champions Trophy matches in the summer of 2017, including games involving England, New Zealand, Bangladesh, Sri Lanka, Pakistan and South Africa in June, while World Cup games will be staged in 2019.
"The strong attendances for international cricket in Cardiff and our investment in customer experience demonstrates a continued appetite in Wales to see the world's best playing here and the strong crowds enjoy the match days at The SSE Swalec," said Morris.
"2017 to 2019 will be important years, with two ICC events, and two substantial distributions from the ECB, alongside a solid portfolio of one-day internationals and international T20 matches."