Lancashire Cricket Club, which operates The Point conference facility, has announced an operating profit of £2,347,000 for the year ended 31 December 2017, which represents an increase of 92% on the previous year.
For the first time since 2014, the Club reported a net surplus after interest of £971,000. After the 2013 Ashes year, it is the second highest reported profit in the last 20 years.
The ground will host a further four Test Matches in five years, including an Ashes in 2023, as well as the appointment of Emirates Old Trafford as a host venue for the New T20 Competition, the Club is now able to look ahead with certainty of international cricket through to 2024.
The county team finished second in the County Championship.
Off the field, 2017 saw the completion of the new four star 150-bedroom Hilton Garden Inn which opened for business at the end of August. The hotel achieved more than £1m of room revenue in its first four months of trading, with an average occupancy of 61% and average daily room rate of £92.
Management reports the hotel has continued to perform well into the early part of 2018.
Following some challenges in the early part of 2017 the conference and events business saw an uplift in November and December and record Christmas party sales for the second year running, with further growth from combined hotel and events revenue targeted for 2018.
The EOT has 3,600sqm of space and 43 meeting rooms.
The Club also again hosted successful concerts and most notably worked closely with many other local stakeholders in putting on the One Love Manchester event that helped put Manchester back on its feet again after the events of 22 May 2017.
Finance director, Lee Morgan, stated: “With the completion of the new hotel bringing the lengthy development period to a conclusion, the Club is now able to fully focus on maximising the return on its investment by growing its business activities for the future benefit of cricket at both elite and recreational level.”
