Portsmouth post £2m profit after reaping benefits of transfer business and cup runs
Player sales and cup run proceeds have propelled Pompey to a £2.05m profit.
The Blues have released accounts for the year ending June 30, 2019, following their filing at Companies House.
They represent heartening reading, particularly amid the current bleak financial landscape for football clubs during the coronavirus crisis.
Having recorded a £1.36m loss the previous year, latest accounts show Pompey made more than £2m in profit last season.
In addition, £1.28m was spent on Fratton Park improvements, while the club’s wage bill increased by £1.03m, chiefly through the arrival of loan players.
The profit has primarily been influenced by the sales of Conor Chaplin to Coventry and Matt Clarke to Brighton, which totalled £3.33m during the 12-month timeframe.
Chaplin departed for the Sky Blues for a reported £500,000 in January 2019 in a predetermined deal which became permanent following an initial loan spell. He has since moved to Barnsley.
In the instance of Clarke, his June 2019 switch to Brighton earned Pompey a guaranteed transfer fee of around £2.8m, once a 20 per cent sell-on clause to Ipswich was factored in.
The subsequent sale of Jamal Lowe to Wigan, however, is not included in the accounts, having been completed after June 30.
In addition, turnover has risen to £11.57m, representing an increase of £2.68m on the previous year.
That was chiefly driven by the Blues’ Checkatrade Trophy success, in addition to reaching the fourth round of the FA Cup, where Kenny Jackett’s side were eliminated by QPR following a replay.
Income from ticket sales (£6.11m), sponsors and partners (£1.04m), and hospitality (£1.33m) all rose in line with an increased number of cup fixtures.
Furthermore, a number of televised matches, including Maidenhead, Norwich, Bury, Sunderland and the Checkatrade Trophy final, ensured that broadcasting and related income leapt from £172,881 to £546,913.
That figure also includes prize money for winning the Checkatrade Trophy against Sunderland in March 2019.
In addition, those impressive turnover figures also contain the opening of the new club Nike store on Anson Road.
The club have long argued profits from player sales will be used to fund recruitment, in addition to future wage costs, which is reflected in player additions, approaching £1m spent.
During the period, Pompey paid £940,078 on players and agent fees, consisting of Ellis Harrison, Ronan Curtis, Anton Walkes, Andy Cannon, Bryn Morris and Petar Durin.
In the case of Curtis, this also includes add-ons to former club Derry, following international recognition for the Republic of Ireland.
Meanwhile, total wages rose by £1.03m to reach £6.67m, with the main component being player salaries.
Pompey signed eight players on loan last season, including Andre Green, Ben Thompson, David Wheeler, Joe Mason, Omar Bogle, James Vaughan, Lloyd Isgrove and Viv Solomon-Otabor.
As previously stated, the accounts do not include the sale of Lowe – and costly purchases of John Marquis and Marcus Harness around the same period ahead of the August transfer deadline.
The figures do not contain the sell-on earned from Chaplin’s transfer to Barnsley in July 2019.