Club shows profit of £5 million after Cresswell and Mings sales
Ipswich Town Football Club made a profit of £5.3 million before tax for the financial year June 30, 2014 to June 30, 2015.
This compared to a loss of £7.2 million over the previous 12 months.
The transfers of Tyrone Mings to Bournemouth and Aaron Cresswell to West Ham were the major contributors to that turnaround.
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.
The Club is due to report a profit before tax of £5.3m (2013-14 £7.2m loss) for the year.
Profit and Loss Account
30 June 2015
30 June 2014
Cost of sales
Depreciation and amortisation of players' registrations
Other operating income
Profit on disposal of players and other assets
Profit/(loss) before interest and taxation
Interest receivable and similar income
Interest payable and similar charges
Profit/(loss) on ordinary activities before taxation
Key Performance Indicators
Average League Attendance
Season Ticket sales
Net Player Trading *
*Profit/(loss) on sale of player registrations less amortisation charge.
Football League including TV & radio fees
Gate receipts were higher than last season due to an increase in season ticket sales and our average league attendance. Additionally the Club benefitted from a share of the aggregated play-off semi final gate receipts. Our attendance remained higher than the average Championship attendance for 2014-15 of 17,863 (2013-14: 16,555).
Commercial revenue was significantly higher than 2013-14 with half of the increase attributed to additional Merchandise sales following the change of kit supplier to Adidas. Corporate sales and hospitality also saw an increase over last year’s levels linked to a successful season on the pitch.
Football League income was higher than last year due to an increase in TV fees received from live matches.
Direct costs increased from £16.7m in 2013-14 to £19.1m due mainly to player wages and associated agent fees as further funds were invested in the squad to mount a challenge for promotion.
Administrative expenses increased marginally from £2.1m to £2.2m in the season 2014-15 as a result of general cost increases.
The Club’s funding position
The table below shows the analysis of net debt as at 30 June 2015. 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.
1 July 2014
30 June 2015
Loan Notes 2026
Other group loans (non-interest bearing)
Convertible loan notes