UK Athletics financial  deficit smaller than expected

UK Athletics financial  deficit smaller than expected

UKA chair, Ian Beattie briefed athletics writers this week ahead of the publication of their annual accounts for the year ending March  2024.  Having projected a loss of £1.6 million (about $2 million) a year ago, the actual loss in the current accounts is £1.4 million ($1.8 million). Beattie stressed as he had done last year that  despite the accounts losses the business was in a “strong cash position”.

His full statement was: “Last year the sport will recall when UKA published our accounts we publicised a significant loss to UKA. At that time, we also highlighted a strong cash position which would provide us with the necessary time to turn the organisation round. With this year’s account now available online, I am providing an update on our progress so far and a few more details on our journey to financial recovery.

“In December 2023 whilst highlighting our loss position, we provided some ongoing projections to where our financial path would lead us in the coming financial years. This was important in demonstrating our commitment to the plan that would lead us to a recovery position. At the time, we projected for 2023-24: a loss of £1.6m; for 2024-25: a loss of £400k; and around a break-even position in 2025-26.

“As it is we find ourselves recovering ahead of the projected curve. Whilst clearly there is still much work to do our anticipated -£1.6m is in fact -£1.2m. Our -£400k is now expected to be – £250k, and we are still forecasting a breakeven position for 2025-26. This has taken an immense amount of hard work from all involved at the organisation and we continue to work in a way that will safeguard our and the sport’s financial future.

“Whilst many of the measures we took last financial year to reduce outgoings are starting to reap rewards, it won’t be until the next set of results that we shall see the benefit of our groundbreaking partnership with London Marathon Events and Great Run Company – Athletic Ventures – as working with these hugely experienced event partners on our world-renowned Diamond League fixture as well as the staging of Birmingham 2026 European Championships  will have a significant impact on our future figures.

“We did however highlight last year a number of variables in our financial outlook which we remain aware of and continue to monitor closely. And these remain relevant and something all…