Pompey financial progress lauded

Tony Brown has praised Pompey progress following a fourth-successive operating profit.

Tuesday, 27th March 2018, 6:55 am
Pompey chief operating officer Tony Brown

However, the club recorded an overall loss of £507,629 for the financial year.

The Blues have released accounts for the year ending June 30, 2017, following their filing at Companies House.

They cover the League Two title-winning season under Paul Cook, although end before Tornante’s August 2017 takeover.

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According to the accounts, Pompey made an operating profit of £308,411 during that period.

That represented an increase of £222,460 from the previous year (2016).

In contrast, turnover fell to £7.54m, with the Blues’ lack of cup and play-off home fixtures costing almost £1m.

Depreciation and amortisation costs also had a negative impact, increasing by £229,122 to £816,454.

Although, the sale of Adam Webster and compensation for Cook did bring in £980,606.

Overall, losses marginally rose from £492,214 in 2016 to £507,629.

Pompey chief operating officer Brown told The News: ‘A fourth-consecutive year of operating profits is an extraordinary result in the football business.

‘It really is something for everybody associated with the club in the past five years post-administration to be proud about in terms of the restructuring operation that has taken place.

‘Turnover has fallen primarily because the year before we had such a successful season in terms of cup competitions, with £600,000 revenue.

‘After the takeover, the net asset position was improved by £10m from £4m to £14m, which has provided the foundations for us to continue the re-structuring work to all operations of the club moving forward.’