Supporters may be interested to know that these show that an operating profit of £41,000 was achieved during this period. This is the third consecutive season the club has generated operating profits and importantly last year was achieved without any government covid lockdown support. Significantly, these 2021/22 results were achieved with revenues of £693k, up a substantial £472k on pre covid 2019 levels of £221k
This financial growth is the direct result of a significant transition in the clubs commercial and operating performance: These include; securing a new ground tenure providing full retail rights in the stadium, additional sources of food and beverage revenue around the stadium, reducing match day queuing, Increased staffing levels to improve match day service, working closer with bar and food suppliers on product ranges and prices, developing new sponsorship and advertising income, increasing income from private events and functions.
The higher revenues and any generated profits were all absorbed or reinvested back into the club to cover increasing general operating costs, new full time staffing levels, a higher playing budget and necessary ground improvements.
Chairman Barry Hunter commented: “Revenue growth is a prerequisite to sustainably operating through the leagues. Of course what we must applaud is the fantastic support the club receives on a match day, with gate attendances in the 2021/22 season averaging around 1,300. This is an all round club performance. We must ensure that supporters match day experience, both on and off the pitch, continues to improve, so that we can rely on a growing support base and obviously the important income this brings to the club. I would also like to thank all our sponsors and advertisers, whose continued support has been outstanding, providing vital income to the club”
More good news is that 2022/23 trading, as a National League South club, is forecast to show further revenue growth.
Barry Hunter added: “All revenues over recent years are self generated, sustainable and a strong endorsement of our successful transition operationally and commercially into National League South”.
Furthermore, although the club still has legacy debts, the net level of these has reduced by nearly 45% since 2019/20 from approximately £288,000 to £163,000. Equally important is that all outstanding loans and borrowing are subject to long-term repayment arrangements at an affordable annual cost.
Finance Director Chris Salt commented: “This debt management policy is an indication of the overriding priority which the Board attaches to financial sustainability. We do not rely on any investment from benefactors and as we progress, it is our absolute priority to continue to navigate prudently and to aim to live within our means, spending only what we earn and what we can sensibly service”
