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February 27, 2013
Sussex have reported a loss of £325,375 for 2012, with the club's success in reaching the semi-finals of both limited-overs competitions helping to offset the poor weather that hit county takings around the country.
Turnover remained the same, at £5.2m, but although operating profits were up, an increase in depreciation to £553,000, after the redevelopment of Sussex's Hove ground, saw losses jump by more than £200,000 on the previous year. The club suffered an almost-total washout to West Indies' tour match in Hove - with only 34 overs bowled over three days - but they did benefit from a one-off payment of £133,000 from a settled legal claim in 2012.
"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," Simon Crundwell, the Sussex treasurer, said.
"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."
Jim May, Sussex's chairman, added: "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."
© ESPN Sports Media Ltd.
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