The financial statements for the year-ended 30 June 2019 were approved by the directors on 24 March and will be filed at Companies House today.
Copies have been emailed to shareholders who have provided email addresses. Normally copies would have been sent in the post to shareholders who opted against electronic communications, but with the current closure of the Sands Venue Stadium this has not been possible and copies will be sent once the stadium re-opens.
The financial statements report a pre-tax loss of £3.1m compared with £4.3m for the previous year. No further impairment of expenditure (2017/18: £59k) incurred on the new stadium was made in this financial year. The Board remains committed to the recovery of these costs.
Turnover fell from £4.2m to £3.7m during the year, mostly due to the outsourcing of the hospitality and catering departments. These were taken back in house in June 2019.
Net income on trading in players was £1.4m income in the year to 30 June 2019 compared with a £270k in the previous year. This shows the club is reaping the rewards of a successful recruitment and development programme which will show some further benefit in the year to 30 June 2020.
The player wage bill for the season was £2.6m (2018: £3.0m). This decrease is a reflection of the investment in younger players for development.
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.