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Lancs announce yearly profit
LANCASHIRE County Cricket Club continues to go from strength to strength after announcing a profit of more than £180,000 for last year.
The news will provide a major boost for the club as it prepares to enter one of the most exciting periods in its history.
A blueprint has been drawn up for the redevelopment of Old Trafford, aimed at making it one of the top Test grounds in the country, and improvement works at the ground will begin this year.
Phase one of the ground's redevelopment will include the installation of a new state-of-the-art drainage system in mid-August and a new main scoreboard for the start of the 2009 season.
In early 2009 work will begin on a new £12m conference and banqueting facility.
The club has also tasted on-field success, with third place finishes in both the County Championship Division One and the Pro40 Division One and a trip to finals day in the Twenty20 Cup
And chief executive Jim Cumbes is excited by their future prospects. He said: "By and large it has been another very satisfactory year for the club both on and off the field.
"Cricket is our raison d'etre and we will continue to invest in that side of the business, but we are approaching a critical time in terms of our redevelopment plans.
"If we are to continue to stage top class international cricket, we must firstly secure funding to realise our vision of creating a ground with world class facilities that complies with the England and Wales Cricket Board's facilities document, TSF2.
"In that respect we need the certainty of international cricket over a long period of time in order to be able to create a programme of continued re-investment."
The total profit after tax of £185,174 for 2007 is significantly down on the previous year's figure of £478,954.
But a factor in that drop was the change in the end of the financial year from the traditional date of September 30 to the new date of December 31.
It means the figures included both the 2006 and 2007 offseasons in a 15-month period, which hit the profit as the winter months are traditionally lean for cricket clubs in general.
The decision to change the financial year end was made by the club last year, designed to create a more appropriate cut off point for year end accounting and to provide a more suitable window for the annual budgeting process'.
Encouraging for the club are a four per cent gain in Test Match revenue and a rise of five per cent in income from the club's catering operations.
1:02pm Thursday 27th March 2008
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