New Zealand Cricket has reported an annual net surplus of NZ$23.7 million for the 2014-15 financial year, after the annual general meeting on Thursday in Wellington. The considerable surplus was a consequence of the board co-hosting the World Cup 2015 along with Australia.

NZC's chief executive Dave White praised an extraordinary year for the board, as significant gains were made both on and off the field, including New Zealand's performances, a strong financial result, and agreement on a lucrative FTP programme, an NZC release said.

White, however, stated that the nature of ICC's funding model meant NZC would face difficult financial challenges over the next two or three years, and the board is forecasting a loss of $5 million for the year 2015-16.

"The 2015-16 surplus is critical for NZC in terms of our long-term viability, especially with the next two of three years promising to be financially demanding," White said. "Having said that, I'm delighted to report that NZC has achieved, or is in the process of achieving all our Cricket World Cup legacy goals, including improving the playing infrastructure, growing attendances and viewership numbers, and improving participation numbers - especially at junior level."

NZC chairman Stuart Heal stated that New Zealand's performance in the past year helped raise the profile of cricket, and created a surge in the interest for the sport, including women's cricket.

"Seldom has cricket in New Zealand been celebrated in the way it has over the past twelve months." Heal said. "In reaching the Cricket World Cup final - and soaring up the Test and ODI rankings, the BLACKCAPS helped lift the profile of cricket to unprecedented heights, and create for us an excellent springboard into the future. We are noticing a profound upturn in interest in cricket.

"The WHITE FERNS' success in winning crucial Women's World Championship points against England, India, and more recently Sri Lanka, has only reaffirmed cricket as a game for all New Zealanders."

Three NZC directors - Martin Snedden, Don Mackinnon and Geoff Allott - were re-elected to the board, while Heal returned as the board chairman.