2023 Report and Financial Statements Summary:

1. 2023 has been a challenging year but the reported EBITDA (Earnings before interest, depreciation and amortisation) of £431k is a reasonable outcome against a budget of £371k.

2. The EBITDA in 2022 was £771k but this included a one-off grant of £710k from the Welsh Government so underlying earnings improved in 2023.

3. Revenues have improved since the sustained impact of Covid in 2020 and 2021, most particularly in conferencing, events and hospitality and the Club is investing here to try to improve the position further in years to come.

4. A net loss of £528k after depreciation and interest charges reflects a high depreciation charge but the Club spent £3.44m on capital and maintenance in 2021 and 2022 and a further £506k in 2023 reflecting a catch-up after 10 years of minimal investment in this area. Much of this investment, which was very much required, can be seen around the stadium.

5. 2024 is forecast to be a tough year given the cumulative inflationary impact of 2022 and 2023 so investment across the Club has been constrained – a position reflected across most of the First Class County Cricket sector.

6. 2025 is likely to see an improved financial environment and the Club is looking forward to the ECB finalising funding arrangements for the 2025 to 2028 period later in the Spring of 2024.

7. The Club’s major match package for 2025 to 2031 and the supporting financial arrangements will result in improved annual contributions.

8. Finally, the potential developments in The Hundred in 2025 will present a radically improved financial backdrop for the whole sector.

Click here to view the Club's 2023 Report and Financial Statements