The trading results for the 2016/17 financial year have been released by CFC (2001) Limited, showing an overall loss of £506,735, compared to a profit of £39,666 the previous year.
Relegation during the trading year saw the income fall by nearly £900,000 compared to the previous year. This was mainly due to the reduced amount of transfer fees during the year. Gate receipts and season ticket money fell by £290,000, although TV and football awards increased by £280,000.
The club’s costs were reduced by over £200,000, despite the costs incurred of replacing the manager and coaching staff during the year.
Company secretary Ashley Carson commented: “Whilst the results are disappointing, the year had been extremely challenging, with five directors resigning and relegation to League Two.
“The club managed to negotiate a reduction in the interest costs of the loans to £100,000, from £244,000 the previous year.”
A meeting of shareholders will be held at the Proact Stadium on Monday, March 5 at 7pm. Shareholders are reminded to submit questions on the form enclosed with the meeting papers at least 48 hours before the AGM.