Portsmouth Football Club has announced an operating profit of £118,976 for their first full year after emerging from administration.
The club’s audited accounts for the year ending June 30, 2014, have been posted at Companies House.
According to chief executive Mark Catlin, the results are ‘significantly’ better than anticipated.
In addition to a small operating profit, Pompey have reported a turnover of £6,586,181, while total assets were at £4,456,053.
During that period, Pompey, who are currently debt-free, also paid £2,674,677 to settle loans from Stuart Robinson and Portsmouth City Council which enabled the community bid to be successful.
The accounts show £113,755 was spent on a combination of agents and buying James Dunne in June 2014.
Financially we are in a remarkable positionMark Catlin
There is an overall loss of £171,286 once interest payable on loans and similar charges are taken into account.
And, overall, Catlin is delighted with the figures.
He told The News: ‘The financial figures for the first year are significantly in excess of what we budgeted for.
‘These set of accounts give us a fantastic foundation to build on for future years.
‘Even coming out of administration the club was in free fall and it has taken a lot of hard work by a lot of people at the club, the chairman, directors and the staff to actually arrest the club’s financial decline and give us a platform to build on for the future.
‘Financially we are in a remarkable position.
‘We are debt-free, have our own training ground, own Fratton Park, own a car park for the first time in many years and have significant funds ready to improve facilities during the summer months.
‘It is a unique position for almost any football club to be in.
‘And we are on course this season for another successful financial year as it stands.’
The accounts also detail the club reduced its debt from £14m to £5m through early settlements of player compromise agreements.
That was completely repaid in September 2014, two years ahead of schedule.
Meanwhile, it confirms none of the club’s seven directors have received payment for their roles, in addition to no dividend paid to shareholders.
Pompey came out of administration in April 2013 when they were taken over by a community bid, including fans, which saved the club from liquidation.
Finance director Tony Brown added: ‘It is very rare football clubs make operating profits, yet we have made a small operating profit.
‘We have spent the year trying to restructure the club and getting all the costs more in line with League Two.
‘We have also had to recognise there are 11,000 season ticket holders and an 15,000 average gate, this is not a normal League Two club.’
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