Miserable weather hit Kent County Cricket finances for six last year when the club racked up overall losses of £628,000.

Operationally, the situation was a little better, with EBITDA (earnings before interest, taxes, depreciation, and amortisation) for the year ending October 31 coming in at £272,294.
While admitting the figures were “superficially disappointing,” the club was heartened that EBITDA was £113,000 lower than the previous year, and the fourth year in a row of EBITDA “improvement.”

After interest, depreciation and the net impact of other items, which includes the profit on the sale of a groundsman’s house, the historical cost deficit for the year after taxation was £628,054.

The wettest summer for more than a century slashed gate receipts to their lowest level since 2004.

County cricket also suffered competition from the European Football Championship, London 2012, and a reduced T20 contest. The club has yet to fully realise new revenue streams created by ground redevelopment.

The club expects to see “further considerable improvements” in profitability this season after new catering arrangements, rental income (including Sainsbury’s Local) and cost savings across the business take full effect.

It has also announced a partnership with retirement homes specialist McCarthy and Stone and hopes the Old Dover Road side of the ground may be developed.

Chief executive officer Jamie Clifford said: “We had expected to close the operating loss quicker than was possible last year, but it has to be remembered that it was an exceptionally bad year weather wise. We put together a long-term financial plan for the Club in early 2011 and we remain on course. With activities over the winter months and our plans for this summer, we expect further improvements during 2013.”