Blues announce operating profit
Portsmouth Community Football Club today announced an operating profit of £118,000 in its first full year of trading.
The accounts for the year ending June 2014 show a turnover of £6.6 million, with gate receipts of £3.4 million.
There was an overall loss of £171,000 for the year, after including the net interest charges of the loans taken out to purchase the club back in April 2013.
Click here to see the full financial statement.
The financial result is set against the backdrop of the club emerging from administration with no training ground, kit deal or commercial agreements, with the task of rebuilding trust and confidence from our suppliers and stakeholders.
Finance director Tony Brown said: “We are all pleased with the results from our first year of trading and it has been a real team effort from everybody at Fratton Park.
“We undertook a substantial restructuring of internal operations, as well as managing the £14m legacy debt, which was reduced to £5m at the year-end and then fully repaid in September 2014 – two years ahead of schedule – and we negotiated significant discounts.
“The rebuilding process has continued this year, with the building of a new training ground, the Tesco project and improvements to the stadium, with the aim of securing solid foundations to enable the sustainable growth of the club.”
Chief executive Mark Catlin added: “These set of accounts give us a fantastic base on which to build on.
“The financial figures for the year were significantly better than what we budgeted for and that is down to the hard work of the chairman, directors and all our staff.”