Hereford United have reported a profit of £431,601 for the year ended May 31st 2011. However an exceptional item is wholly responsible for that profit. Last year a loss of £54,974 was recorded.
The exceptional item was the profit made from settling the long-term debt of £1,069,000 with the developers Richardsons. The club paid out £452,000 plus some legal costs but also gained from having the leases on Edgar Street returned. Without the exceptional item a loss of £173,537 would have been made.
Turnover for the year was £2,055,026 up 13.5%. Gate receipts were up by 13.55% to £484,581 but season ticket income dropped by 8.55% to £146,051. Other match-day income (shop, programme sales, perimeter boards) fell by 8.4%.
For the first time income derived from the club website was recorded. This came in at £28,650 which, presumably, includes income from Bulls Player.
Other income increases came from Football League grants up by £108,000, and the excellent FA Cup run which came to £112,500. Transfer fees, at £297,730, were slightly higher with the sale of Mark Pugh and Mathieu Manset.
Expenditure increased by over 20%. It would have been nearer 15% but for the sacking of Simon Davey and his assistant which cost the club £105,000.
Finally the balance sheet shows shareholders funds at £218,078. It's probably the first year for a very long time that the club has had a positive balance. It's unlikely to be as high in twelve months time.
Text at top (next game etc)
Next Game: Marine At Edgar Street On Saturday 9th November At 3.00pm