In an historic season that saw the final Ashes Test and five matches in the ICC Cricket World Cup hosted at the Kia Oval, the surplus was generated by Surrey County Cricket Club on a turnover of over £45m. As well as these matches, Surrey CCC saw continued growth in Membership numbers, T20 Blast sales and the Club’s Conference and Events business.
The profit is a 112% increase on the £2.75m made in 2018 and a 42% boost in year on year turnover. Both represent Club records and have allowed the Club to approach what remains of the 2020 cricket season with increased resiliency and larger cash reserves.
Club Membership continued to increase, with revenues in this area rising by 26% and 13,500 Members joining the Club in 2020. Oval Events, the Club’s joint venture with Compass Group, saw sales rise by 57%, a combination of excellent hospitality and catering sales and further growth in the Conference and Events business based at the Kia Oval, which delivered sales of over £6m for the first time in 2019/20.
Revenues generated last year have also enabled considerable investment in the future of the Club, with the £30m One Oval Square development at the Kia Oval in the middle of construction and the continued purchase of Ovalhouse Theatre and the White House – buildings directly over the road from the Kia Oval – where the Club has planning permission to build a new hotel.
Surrey CCC Chairman, Richard Thompson, said: “These results break every modern record and underline the strength of the business and Club, both on and off the field, that has been built at the Kia Oval in recent years.
“With thirteen England Internationals in our squad, eight of whom came through our Academy, Surrey CCC was able to enter 2020 in a state of strength unmatched in the modern game. That is a testament to the loyalty of our Members – which now stands at the highest number for two generations -, the hard work of our staff and the quality of the experience that has been produced at the Kia Oval.”
Surrey CCC Chief Executive, Richard Gould, added: “We all knew the summer of 2019 was going to be memorable for Surrey and England fans up and down the country – and were preparing for a number of years to ensure the Club was able to capitalise on the amazing cricket played.
The Annual Report will be presented to Members at the Club’s Annual General Meeting at the Kia Oval on the evening of Tuesday July 7th. Attendance at the meeting will be possible digitally, but the Club is hoping to be able to welcome a limited number of Members at the ground, subject to continued government guidelines on social distancing.
John Stephenson
john@cricketinvestor.co.uk
#Cricketnews #SurreyCCC
