Weather and economic climate hit Sussex hard (From The Argus)

Weather and economic climate hit Sussex hard

10:56am Wednesday 27th February 2013 in Sport By Steve Hollis

Sussex have announced a £325,375 accounting loss for 2012 following one of the wettest seasons on record.

The figure is an increase on 2011 when the county posted an accounting loss of £123,718 and came as a result of a number of washed out games, including the tour match against the West Indies, combined with the tough economic conditions.

Sussex's operating surplus actually increased to £227,775 from £12,026 thanks to a 28% increase in non-matchday revenue and a one-off payment of £133,000 from a legal settlement.

The deficit comes about after taking into account depreciation of £553,000 on the redeveloped County Ground.

Simon Crundwell, Sussex CCC treasurer, said: "Whilst a £227k operating surplus is a credible outcome, it was boosted by the one off receipt of £133k in respect of the settlement of a legal claim.

"Alongside continuing challenging economic conditions, the unseasonal weather in 2012 contributed in part to our match income being 22% down on prior year. However, alongside the legal claim, income from our home Clydesdale Bank 40 semi-final and home Friends Life t20 quarter final was vital.

"Encouragingly, our non-match day revenue continues to grow, 28% ahead on the prior year, which is an important cornerstone of our medium term business plan.
“The deficit of £325k recorded is after charging increased depreciation of £553k, reflecting the completion of our ground redevelopment. Importantly however, the Club remains cash positive at an operating level with £95k generated from continuing operations after interest and before non-repeat income and depreciation.”