Contents (29 sections)Headline is almost entirely a one-off eventCost base has run away from revenueRevenue mix shows diversification softnessExceptional items: small but tellingCash Flow Reconciliation of the £24.5m operating cash inflow(i) Working capital reversal of £5.7 million(ii) Underlying trading deteriorationCash use in 2025Balance Sheet: Genuinely transformed, albeit with some question marksInvestment in Associate (£758k, Note 10)Strategic … Continue reading Lancashire County Cricket Club Special: Lancashire County Cricket Club Limited, 2025 Annual Report and Financial Statements