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IPSWICH TOWN FINANCIAL HIGHLIGHTS 2013-14

8 December 2014

Introduction

 

The statutory accounts of Ipswich 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.

 

  Aaron Cresswell was sold to West Ham United in July 2014 for an undisclosed fee and will therefore feature in the 2014-15 accounts. The Club is due to report a loss before tax of £7.2m (2012-13 £9.8m loss) for the year with no major player sales made in the season 2012-13.

 

Profit and Loss Account


Year ended


Year ended


30 June 2014


30 June 2013


£ 000


£ 000





Turnover

13,550          


13,843           

Cost of sales

(16,693) 


(17,720) 

 

 

 

 

Gross loss

(3,143) 


(3,877) 





Administrative expenses

(2,116) 


(2,584) 

Depreciation and amortisation of players' registrations

(1,847) 


(3,626) 

Other operating income

163               


200               

 

 

 

 

Operating loss

(6,943) 


(9,887) 

Profit on disposal of players and other assets

494               


780               

 

 

 

 

Loss before interest and taxation

(6,449) 


(9,107) 

Interest receivable and similar income

6                


38                

Interest payable and similar charges

(713) 


(707) 


 

 

 

Loss on ordinary activities before taxation

(7,156) 


(9,776) 


 

 

 

 

Key Performance Indicators

 

 

2013-14

2012-13

League Position

th9

th14

Average League Attendance

17,111

17,509

Season Tickets

12,289

13,033

Wage Costs

£13.90m

£15.00m

Net Player Trading *

£(0.5)m

£(1.96)m

 

*Profit/loss on sale of player registrations less amortisation charge.

Turnover Analysis

 

£000s

2013-14

2012-13

Gate receipts

4,981 

5,084 

Commercial income

3,892 

4,153 

Football League including TV & radio fees

4,677 

4,606 

Turnover

13,550

13,843

 

 Our commercial revenue was also lower than 2012-13 although sales improved in the second half of the season showing signs of recovery.  However, our attendance remained higher than the average Championship attendance for 2013-14 of 16,555 (2012-13: 17,331).  Gate receipts were lower than last season due to a reduction in our average league attendance.

 

Football League income was slightly higher than last year due to an increase in our basic award distribution and solidarity payment.

 

Cost base

 

 Direct costs reduced from £17.8m in 2012-13 to £16.7m due mainly to lower player wages and associated agent fees.

 

Administrative expenses have also reduced from £2.6m to £2.1m in the season 2013-14 as the Club continues to make cost savings and efficiencies wherever possible in off-field operations in an effort to reduce ongoing losses and maintain compliance with the League’s Financial Fair Play rules.

 

 

The Club’s funding position

 

ITFC is not in debt to any financial institution. The increase in ‘other group loans’ represents the ongoing funding and player investment provided by Marcus Evans during the year. The table below shows the analysis of net debt as at 30 June 2014.

 

 

As at

1 July 2013 

 

Movement

As at

30 June 2014

 

£ 000s

£ 000s

£ 000s

Bank cash

63            

101            

164               

Loan Notes 2026

(38,490)

-

(38,490)

Other group loans (non-interest bearing)

(34,325)

(3,840)

(38,165)

Convertible loan notes

(1,633)

168          

(1,465)

Preference shares

(8,052)

-

(8,052)

Net debt

(82,437)

(3,571)

(86,008)

 


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