Lancashire post healthy profit

Lancashire have announced a profit of £258,664 before taxation for the 15 months ending December 31, 2008.

The club said that membership revenue fell for the first time in many years, with subscriptions having now reduced to less than 5% of total revenue. Cricket match receipts fell by 17%, in line with expectations. Although the attendance for the New Zealand Test at Old Trafford was a record, the Friday start for the match had a negative impact on corporate hospitality figures.

"The anticipated fall in overall Test income was exacerbated by some inclement weather affecting the Roses Championship match and the washed out Blackpool Championship fixture against Surrey," a press release added.

Two concerts - Radiohead and REM - produced a surplus of £246,000 and non match-day car parking continued to make a strong contribution.

However, the county warned that "the current economic downturn and lack of Test cricket means that it will not be possible to sustain strong profitability this year, even though five Take That concerts are already completely sold out.

"In these testing economic times, where hospitality bookings, sales and even membership are difficult to maintain, these results show that the club has a very strong business model across the board to steer us through these tough years," chief executive Jim Cumbes said. "To post a profit in a year when we have spent a sizeable amount of money on Phase 1 of our redevelopment, invested in a new £1 million marquee and restructured the cricket department, speaks volumes.

"It's important to re-emphasise that the club's redevelopment plans are about securing Test cricket at Old Trafford for many decades to come, and our continued investment in cricket at the club shows that the core aim of our business strategy is to ensure we have the best cricketing set-up possible to achieve our goals."