Surrey County Cricket Club has received a boost ahead of the new season after announcing pre-tax profits of more than 583,000 for the 2008 financial year.

Despite a desperate season on the field in 2008, which culminated in relegation from the first division of the County Championship, Surrey's hospitality, conference and events activities continued apace, with Oval Events Limited (OEL) and Oval Events Holdings Limited (OEHL) contributing to an annual turnover of 23,961,000.

"We are pleased to announce a pre-tax profit in excess of 500,000," said Surrey's chief executive, Paul Sheldon. "Income streams were strong throughout the year, particularly our conference and events business. We also recorded our highest ever membership number of 10,113 during the 2008 season."

The profits from 2008 have been ploughed back into the development of The Oval, with the outfield being completely re-laid for the 2009 season, in addition to the installation of new floodlights and the appointment of a new management team, headed by the former Sussex captain, Chris Adams.

"2009 will be greatly helped by both the Ashes series and the ICC World Twenty20 but in these times of economic uncertainty our financial position cannot be taken for granted," said Sheldon. "I feel confident that the club has a management team and staff in place whose experience and dedication will see us through these difficult times."