Pompey financial progress lauded

Pompey chief operating officer Tony Brown
Pompey chief operating officer Tony Brown
Kenny Jackett. Picture: Joe Pepler

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

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

It really is something for everybody associated with the club in the past five years post-administration to be proud about

Tony Brown

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.

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.’