The statutory accounts ofIpswich Town Football Club Company and its subsidiaries will be filed at Companies House in due course. The financial highlights below are extracted from the Club’s draft consolidation accounts.
The Club is due to report a loss before tax of £6.6m (2014-15 £5.5m profit) for the year.
Profit and loss account
30 June 2016
30 June 2015
Cost of sales
Depreciation and amortisation of players' registrations
Other operating income
Profit on disposal of players and other assets
(Loss)/profit before interest and tax
Interest receivable and similar income
Interest payable and similar charges
(Loss)/profit on ordinary activities before tax
Key performance indicators
Average League Attendance
Season Ticket sales
Net Player Trading *
*Profit on sale of player registrations less amortisation charge.
Football League including TV & radio fees
Gate receipts remained at the same level as last season with a lucrative share of gate from Manchester United in the League Cup compensating for the play off semi-final receipts and higher attendance in 2015/16. Our attendance remained higher than that of the Championship for 2015-16 of 17,578 (2014-15: 17,863).
Commercial revenue was lower than 2014-15 due mainly to the outsourcing of the match day public catering operation in 2015/16 whereby the Club received a royalty based on turnover. Corporate sales and sponsorship were also slightly down on last year, however Merchandise sales exceeded 2014/15 building further on the success of the change of kit supplier to Adidas in 2014.
Football League income was higher than last year due to an increase in the basic award distribution.
Direct costs increased from £19.0m in 2014-15 to £19.7m due mainly to player wages and associated agent fees as further funds were invested in the squad to challenge for the play off positions.
Administrative expenses increased from £2.1m to £2.3m in the season 2015-16 as a result of a re-measurement of the Football League Pension Deficit (in accordance with Financial Reporting Standard FRS102) and general cost increases.
The Club's funding position
The table below shows the analysis of net debt as at 30 June 2016. ITFC is not in debt to any financial institution.
1 July 2015
30 June 2016
Loan Notes 2026
Other group loans (non-interest bearing)
Convertible loan notes