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The Royal Horticultural Society (RHS) has released its latest financial report, revealing a drop in income and flat membership numbers for the year ending 31 January 2024. The total income for the period was £120.496 million, down £2 million from the previous year, and membership remained relatively stable at 625,000.
Despite welcoming 116,000 new members, the third-highest number ever, total membership ended slightly down at 625,597 compared to 625,765 in the previous year. Unfortunately, this influx of new members was offset by a similar number of existing members choosing not to renew. Many of those not renewing cited personal financial concerns or dissatisfaction due to the ongoing roadworks at RHS Garden Wisley affecting their arrival and departure experience.
Visitor numbers also saw a decline, dropping to 2.95 million from the previous year's 3.1 million. RHS Garden Wisley was primarily responsible for this decrease, whereas the other four gardens maintained steady visitor numbers.
On the trading side, income from retail and catering operations across the five RHS Gardens, as well as online retail, advertising, and venue hire, amounted to £34.8 million, a slight increase from £34.7 million the previous year. Retail income fell by 5%, in line with the reduction in visitor volumes, though average transaction values remained flat. Online sales saw a significant growth of 25%, now accounting for 24% of total retail sales. Catering income experienced a healthy increase of 12%, while income from venue hire and advertising sales remained steady.
RHS shows continued to be a significant revenue stream, contributing £24.2 million in 2023/24, up from £22.9 million the previous year. RHS Chelsea was a standout success, selling out with 152,000 visitors. RHS Hampton Court Palace also saw an increase in visitors, attracting 118,000 compared to 112,000 the previous year. However, both RHS Flower Tatton Park and the RHS Malvern Spring Festival experienced a decline in visitor numbers from the previous year, each hosting 64,000 visitors in 2022.
Looking ahead, the RHS anticipates the completion of the Wisley roadworks in summer 2025, which should help improve visitor experience and potentially boost membership renewals.
This story was published on: 07/06/2024
Image attribution: RHS
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