Pompey suffer net loss for financial year

Pompey have released their year ended financial results
Pompey have released their year ended financial results
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Pompey suffered a net loss of £508,000 for the year ending June 30, 2017.

That's after the club's accounts for their fourth year of trading as a new business were at filed at Companies House.

The financial figures released coincide with the Blues' successful promotion bid from League Two, which culminated in the title being won on the final day of the 2016-17 season.

The club released the following statement to accompany the publication of their accounts.

'Portsmouth Football Club have filed their accounts for the year ended June 30 2017 at Companies House.

'The fourth year of trading for the new business saw the rebuilding process of the club continue and resulted in promotion to League One.

'Key points include:

- Overall loss for financial year of £508,000 (after depreciation, including Fratton Park)

- Operating EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) profit of £308,000

- The year-end balance sheet showed a net asset position of £4m.

- Continued expenditure on club infrastructure at Fratton Park and ROKO-based training facility.'

The accounts also show that the club made a net profit of £981,000 on the transfer of players during the year which was used to support team manager, Paul Cook, in reshaping his first team squad.

In total, 16 new players prior to or during the season were brought in and transfer fees were paid for Michael Smith, Jamal Lowe and Nicke Kabamba.

Turnover fell by £543,000 to £7.5 million largely due to first round cup exits against Coventry and Wycombe respectively.

That was compared to the net cup receipts of £600,000 achieved in the previous year.

Central revenue from football bodies increased to £1.4m, woile hospitality income remained at £1.1m, but with increased net profitability from out-sourcing the match-day kiosks operation.

Sponsorship & commercial income increased by a further £250,000 as the re-engagement strategy with the local business community gathered pace.

There were bonus payments to first team players and football staff for promotion which are included in the financial results but were unbudgeted as part of the financial management of the club.

The accounts can be seen in full by clicking here.