Worcestershire release financial report for 2002

For the third year running Worcestershire County Cricket Club recorded a pre-tax loss in 2002 but the overall financial situation has seen a significant improvement over the last twelve months following the record losses in 2001.

Last year's annual report outlined the need to find more resource for cricket if the Club was to compete at the highest level. This was achieved with the accounts showing an increase in cricket expenditure of £213,000 over the previous year. An increase in revenue of £81,000 plus a reduction in non-cricket expenditure of £206,000 has seen the trading losses down from £38k to £31k and the pre-tax loss reduced from £114,000 to £41,000.

On the field the Club had its best season for a number of years. Runners-up in the Norwich Union League, semi finalists in the B & H Trophy and quarter finalists in the C & G Trophy represented success in one-day cricket although the failure to secure promotion to Division One of the Frizzell County Championship was disappointing.

Off the field a series of major cost cutting exercises led to the significant drop in non-cricket expenditure whilst commercial revenues grew by £12,500 despite no play on the first two days of the Tourist Match against India.

The Club's Honorary Treasurer, Peter Seward, says, "These figures represent an acceptable balance between the need to invest in cricket whilst re-engineering the financial stability of the Club. The future looks a little brighter. With costs under control and a more balanced fixture list in 2003, I am confident we can produce a surplus in the year ahead."