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Financial statements for the year-ended 30 June 2017

27 March 2018

The financial statements for the year-ended 30 June 2017 were approved by the directors on 12th March and will be filed at Companies House in the next few days.

Copies have been emailed to shareholders who have provided email addresses, and copies have been sent in the post to shareholders who opted against electronic communications.

The financial statements report a loss of £3.4m compared with £2.6m for the previous year. Of this loss, £1.3m represents expenditure on the new stadium that has been impaired in the accounts in line with accounting standards, a like-for-like comparison with the previous year excluding this item is a loss of £2.1m compared with £2.6m for the previous year. The Board remains committed to the recovery of these costs.

Income has continued its year on year increase from £3.7m to £4.1m. All other income streams except gate receipts and broadcasting (both of which included a significant amount of income last year for the Chelsea tie) have also risen.

Income has increased by £1.8m (76.3%) since the year ended 30 June 2014, the first year in which the Chairman took control of the Club.

The balance sheet shows net assets of £452k compared with £1.7m last year.

The player wage bill for the season was £2.7m (2016: £2.5m).

If you are a shareholder and have not yet provided the club with your email address in order to receive your copy of the financial statements, please email Leanne Mayo on Leanne.mayo@scunthorpe-united.co.uk.


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