Worcestershire have reported a pre-tax loss for the third year in a row.

The county recorded record losses of �114,000 in 2001 but managed to reduce this to �41,000 last year due to an increase in revenue and a reduction in non-cricket expenditure.

This helped the club cut trading losses from �38,000 to �31,000 during the year in which they finished runners-up in the Norwich Union League.

Honorary treasurer Peter Seward said: "These figures represent an acceptable balance between the need to invest in cricket whilst re-engineering the financial stability of the club.

"The future looks a little brighter. With costs under control and a more balanced fixture list in 2003, I am confident we can produce a surplus in the year ahead."