Somerset have announced an operating profit of £408,000 for the year ended September 30, 2011. And that is despite the fact that the significant prize money due from reaching the semi-finals of the Champions League T20 tournament in India last month is not included in the figures.
The club report a 15 per cent increase in turnover to £5.34 million. It is the highest operating profit in Somerset’s history and chairman Andy Nash paid tribute to the many people who contributed to the success.
He said: “The results are, in large part, due to consistent performances by our players and staff both on and off the pitch. On behalf of all Somerset members I should like to congratulate them on their achievements and also thank them for their very hard work.
“Our profitability is critical, allowing us to repay to schedule the loan used to refurbish the Colin Atkinson Pavilion, which established the very successful facilities of the Long Room and County Room.
“The club’s strong financial performance is explained by the fact that, while we only play cricket at the County Ground for around 40 days during the season, our ground is now busy on most days of the year.
“Substantial investment in recent years on facilities for conferences and events, catering and retail outlets, is paying back handsomely. The club also continues to attract more members – up by ten per cent in 2011.
“As an organisation owned by its members, all profits made by Somerset County Cricket Club are reinvested back into the club in order to enhance the facilities at the County Ground.
“It will also ensure we can position ourselves to continue to compete with the largest counties on the pitch and give ourselves the best chance of success where it matters most – in the middle.
“Nothing breeds success like success, so cricket, be it in our age groups, Academy or the professional squad, will continue to receive the maximum investment achievable.
“For some years our strategy has been settled and focused on delivering four main objectives: to compete in all formats of the game, develop our own players, improve our facilities/increase our capacity, and increase our financial strength.
“Recent results on and off the pitch show we are making good progress. Our challenge, which will be tough in such a difficult economic environment, is to maintain the progress we’ve made.”