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January 15, 2008
Gloucestershire have posted a pre-tax profit of £283,000 for the year ending September 30, 2007 despite the appalling weather during the season.
It had been thought that the cancellation of the Cheltenham Festival and the effect of the generally poor weather over the summer would cause problems, especially as the county reported a £36,000 loss in 2006.
The turnaround was mainly due to an increase of £218,000 in the payment received from the ECB. That grant now makes up 49% of the club's turnover.
Player costs were slightly down, mainly due to retirements and compensation payments resulting from squad members being on England duty, while commercial income was up.
The losses incurred from Cheltenham were largely covered by insurance and the net loss to the county was around £8,000.
© ESPN Sports Media Ltd.
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