The club's annual accounts were released today, showing a profit for the second year running.
The pre-tax profit for the year was £42,328, as against £84,879 the previous year.
Director and company secretary Ashley Carson commented: “Whilst the result is slightly disappointing, at the end of the day the club has made a profit.
“As shown in the profit and loss account, the company's turnover has increased from £7.34m in the previous year to £7.52m. This is mainly due to player sales, something we are dependent on to balance the books. The transfer fees totalled £2,009,352, which increased by £523,625 compared to 2015.
“The reduction in gate revenue and season ticket income was disappointing, falling from £2.05m in the previous year to £1.63m. The cash generated from the sale of players meant that the player budget was held broadly in line with the previous season, but this has obviously seriously hit the profit and loss for the year.
“There was also there was the added cost of replacing the manager and coaching staff during the year. The debt still has to be managed and remains a continuous strain on the club, but we are committed to reducing it going forward.”
The club will be holding its AGM on Monday, November 14 at 7pm in the DCJ Group Spires Restaurant at the Proact and all shareholders are encouraged to attend and ask questions.