WICB forecasts profit for 2003
July 20, 2003
ST. JOHN’S, Antigua, (WICB): After three years of reporting heavy losses, the West Indies Cricket Board is forecasting a return to profitability this year.
This was the encouraging picture outlined to the board of directors at their meeting in Roseau, Dominica, last Saturday and Sunday.
The WICB had reported losses totalling US $15 million over the last three years, but is projecting for the year ended September 30, 2003, a profit in excess of US $1 million.
Roger Brathwaite, chief executive officer of the WICB, indicated that the turnaround in the results reflects improved performances in a number of key areas.
”The forecast of a return to profitability this year reflects management gains in terms of improved cost controls, optimising income streams and the implementation of systems aimed at improving business controls,” he remarked.
“The successful marketing of the Cable & Wireless 2003 home series Australia to West Indies enabled the WICB to better its previous record for turnover at the gates,” he added.
“New sponsorships secured during the nine months to June 2003 have also reconfirmed the attractiveness and entertainment value of the West Indies cricket brand.”
Some improvement in financial performance had, however, been evident from the previous financial year when the WICB increased revenues by 63% over the previous year to US$16.5 million.
This was so in spite of the combined challenges of hosting both a primary tour and a secondary tour under the ICC Future Tours Programme and the complete washout of two limited-overs internationals with consequent ticket refunds.
The net result was a loss of US $2.9 million for the year ended September 30, 2002, compared with the loss of US $7.7 million the previous financial year and US $5.5 million in 2000.
The WICB projects further improvement in its financial performance on the basis of improved gate receipts; closer relationships with television and electronic media partners; strengthening ties with existing sponsors while seeking to attract new sponsors; increased sales of merchandise, rights and licences; continued emphasis on organisational strengthening; and improving business controls to effect further cost savings.