Pompey announce operating profit
POMPEY have announced an operating profit for a second year.
The Blues today released their accounts for the year ending June 30, 2015.
And they show an operating profit of £359,000 for their second full year of trading since exiting administration.
A net profit of £696,000 on all transfer fees is shown – factoring agents’ fees into that figure. That also takes in account Jed Wallace’s departure for Wolves last summer.
A total of £740,000 has been saved (£319,984 in this period) after settling football debts early. Pompey have also invested £862,000 of the overall £1.1m needed for their impressive Roko training base. That was funded, in part, by generating new share capital.
An overall profit of £2,000 is shown in the accounts.
Turnover at Fratton Park also saw an overall increase to £6,757,238 – up £171,057.
Pompey are likely to be one of the few lower-tier clubs to announce a profit in their accounts. They cover a tumultuous period on the pitch for Pompey, with investment increasing under Andy Awford before he was replaced by Paul Cook last summer.
Finance director Tony Brown feels the club is now more ‘sustainable’.
He said: ‘We’ve built on our first-year figures. These accounts show a significant step towards building a more sustainable platform for the future of the club.
‘That’s via settling legacy debts of the past, completing the Tesco development and the training ground project at Roko.
‘We continue to manage the club operations diligently and it’s a reflection of all the hard work by the staff, directors and shareholders in achieving a second successive year of positive financial results.’