Town announce �136,000 profit
IPSWICH Town made a profit of �136,000 for the 12 months leading up to June 2011 – thanks largely to the �8 million sale of Connor Wickham to Sunderland.
The club have today released their draft annual report and accounts which also reveal that turnover for the year has increased by 10%.
This is mainly due to the club’s run to the Carling Cup semi-final, including associated gate receipts and TV revenues, as well as additional income from the Premier League in the form of enhanced solidarity payments.
As a percentage of turnover, staff costs have been brought down to 98.9% in comparison to 109.4% in 2009/2010.
Chief executive Simon Clegg said: “I am delighted that we have achieved a profit in what is such a difficult economic climate. Marcus Evans has continued to commit to the long term future of the Club and being able to bring in a profit is a huge boost.”
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The report show there has been a small drop in commercial income in comparison to 2009/2010 but this is attributed to the fact the previous year accounts took in the Pink music concert in June 2010 – showing that sales remained largely at a similar level over the two-year period. The 12 months calculated saw four players brought in, including strikers Jason Scotland and Michael Chopra, with the sales of Connor Wickham and Jonathan Walters generating fees in the region of �11 million.
The report and accounts has been sent out to shareholders in advance of the Ipswich Town Football Club plc AGM on Monday December 5. The �136,000 profit is calculated before interest and tax have been deducted.
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