Glastonbury 2008 'made no profit'

Glastonbury has failed to show any profits for the first time since its inception nearly four decades ago, reports say.

Organiser Michael Eavis said rising costs, particularly for fuel, were to blame for the festival's economic troubles.

"Glastonbury costs £22 million now. It's a huge cost," he told BBC 6Music.

"The infrastructure, the fencing, the roads, the water and the loos, the marquees, the management, the security and the police, it goes on and on so we do have to sell out in order to make it work."

Eavis said he is sure the festival will be back in profit in 2009. "I'm very confident, with the bands that we've got next time, that we will sell out," he said.

Organisers were still able to make a £1 million donation to their chosen charities this year, but made nothing "beyond that".