23/1/03 - County suffer £41,000 deficit

It is the third year in a row the County have announced a deficit which is down from a record loss of £114,000 in 2001.

The latest financial situation is highlighted in Worcestershire's statement of accounts which will be opresented to New Road members when they hold their annual meeting in at King's School, Worcester, on Monday, February 17 (7pm).

The accounts show an increase in cricket expenditure of £213,000 over the previous year which reflects the investment in four new players for the 2001 campaign.

An increase in revenue of £81,000 plus a reduction in non-cricket expenditure of £206,000 saw trading losses down from £38,000 to £31,000.

Off the field a series of major cost cutting exercises led to a drop in non-cricket expenditure, while commercial revenues grew by £12,500 despite the first two days of the tourists match against India being washed out.

County treasurer Peter Seward said: "These figures represent an acceptable balance between the need to invest in cricket while re-engineering the financial stability of the club.

"The future looks brighter. With costs under control and a more balanced fixture list in 2003 I am confident we can produce a surplus in the year ahead."

Last year's reduced pre-tax loss followed one of the County's best campaigns for a number of seasons. They were runners-up in the Norwich Union League, semi-finalists in the B&H Trophy and quarter-finalists in the C&G Trophy.

Meanwhile, other items included on next month's annual meeting agenda is to elect a new club president to replace Mike Jones. His two-year term in the role will end at the AGM and the New Road committee are recommending Norman Whiting as his replacement.

The committee also recommend adding former player Martin Horton to the vice-presidents and the re-election of treasurer Seward.

Confirmation will also be made of the election of Tim Curtis, Dave Broughall, Neal Radford, Duncan Fearnley and Mike Gilhooly to the committee.