Financial statements for the year-ended June 30 2021

The financial statements for the year-ended 30 June 2021 were approved by the directors on 29th March 2022 and will be filed at Companies House today.

Copies have been emailed to shareholders who have provided email addresses, and shareholders who have opted not to receive electronic communications should receive a paper copy in the post.

The club have recorded a profit in the year of £4.82m compared to continuous previous year losses of £952k. The turnover in the year is lower compared to 2020 due to £435k of commercial income for the naming rights, compared with £2.1m in 2020, and a £615k reduction in gate receipts and ticket sales resulting from an entire season played behind closed doors. This also had a material impact on hospitality and commercial income, both of which are ordinarily reliant on matchday income, whilst digital income sees a significant increase to offset this slightly due to the streaming of games on the EFL’s iFollow.

The club continued to realign and substantially reduce its costs to adjust to the situation it faced playing behind closed doors, which undoubtedly aided the survival of the club. This is an ongoing process as the club strives to reach a sustainable break-even point.

The operating loss has worsened slightly in the 2021 results compared to 2020 results, however the profit on the transfer of Glanford Park as a result of the waiving of the intercompany loan means overall the club reports a substantial profit.

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 [email protected]k.