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Statement Issued re Accounts

20 October 2015

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The year end accounts for 2014/15 have been sent out to shareholders ahead of the club's annual general meeting on Monday, November 9.

In relation to the accounts, the following statement has been issued:

The 2014/15 season saw a return to the Sky Bet League 1 and achieving the last place in the play-offs, ultimately losing out to Preston North, who went on to gain promotion.

Immediately after the last match of the season, we lost our manager, Paul Cook, who went to Portsmouth FC and appointed Dean Saunders as his successor. As with all changes in management, there were additional costs in terminating the employment of the coaching staff and bringing in Dean’s own staff.

The final results in the profit and loss account show the company's turnover has increased from £6.34m in the prior year to £7.4m, a rise of 16.7%. This is mainly due to an increase in gate and season ticket receipts, player sales (Liam Cooper and Eoin Doyle) and an increased conference and banqueting activity.

The cash generated from the sale of players meant that the player budget was increased during the season to £1.8m, which was the 14th highest in the league. In total we spent just over £3m on the football side, including players, coaching staff, management and bonuses.

This has led to an overall profit for the year of £84,879, compared against £1,069,818 loss the previous year.

The final figure does not include the major player sales after the year end of Sam Clucas or Tendayi Darikwa.

The net debt at June 30, 2015 was £8,181,728, which was an increase of £198,544 on the previous year.
The AGM of the shareholders will be held on Monday, November 9 at the Proact and will start at 7pm. After the formal part of the meeting, there will be opportunities to put general questions to the chairman, board, chief executive and manager. 

Ashley Carson
Company Secretary

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