WALES’S only professional cricket club has announced a pre-tax profit of over £1million after record levels of sponsorship this year.
Along with the sponsorship, the SSE Swalec held five days of sold-out international cricket, including the Investec Ashes series as well as an IT20 against Australia on August bank holiday.
A significant increase in non-matchday income also played its part, with stadium tours and indoor school events held throughout the year.
Hugh Morris, Glamorgan chief executive, said: “We are pleased with these financial results, which reflect the hard work that went into successfully staging the first Investec Ashes test match, driving incremental revenues across the business and good discipline around the control of expenses at the club.
“However, we must acknowledge that our programme of major matches in 2015 will not be repeated in 2016 which, combined with the ongoing need to invest in our venue, our professional team and our community projects, is likely to lead to a much reduced profit.”
The club announced a 2015 profit of £1,201,119 earnings before interest, tax depreciation and amortisation earlier this week. With less international games at the stadium this year, the chief executive expects to see a fall for 2016 earnings.
England will play Sri Lanka and Pakistan later this year which is hoped to boost revenue. In 2014 the club announced a profit of just over £500,000 with only one game against India played that year.
The club also showed significant progress in the strengthening of its balance sheet. In December, the financial restructuring was completed with an agreement with creditors to write down debt by about £11,500,000.
Treasurer Hamish Buckland said: “The completion of the financial restructuring is a watershed moment for the club. It has been a tough journey from the difficult days of 2011, but we now have a firm financial base from which to move forward. Much work still needs to be done to continue to improve financial performance in a tough and competitive market, but the foundations have been built.”
Glamorgan have branched out with their revenue streams. In July, they will hold their first music event when Simply Red play at the stadium, their only tour date in Wales.
Hugh Morris said: “The staging of music events, the continued success of our year-round catering and events business, and the growth of our cricket membership and following will be critical if we are to stay on track in the years ahead.”
“First and foremost, we are a cricket club and we continue to rely on the support of our members and ticket buyers who are absolutely critical to us.
“We’ve added to the squad during the off-season and we’ve got a new head coach in Robert Croft who is determined to build on the progress we have made in the last couple of seasons.
“That should be an exciting proposition for Glamorgan supporters and we are looking forward to the new season with great optimism.”