Shrewsbury Town racks up £400,000 profit
Debt-free Shrewsbury Town racked up more than £400,000 profit last year, newly-released accounts reveal today.
The promotion-chasing club made £409,294, which was down on the £1.23 million made the previous year.
Turnover also fell by £2.14 million, from £6.85 million in 2016 to £4.71 million last year.
When last year's accounts were released the club said its income was significantly boosted by acquiring League One status the previous season, as well as a successful FA Cup run which saw Manchester United visit the Montgomery Waters Meadow for a sell-out fourth round tie.
Town also previously benefited from big-money player sales, including Ryan Woods' transfer to Brentford, and defender Connor Goldson's move to Brighton.
The new accounts, which cover the period from July 1, 2016, to June 30 last year, include the sale of two acres of land to Lidl, the purchase of the training ground and costs incurred in attracting manager Paul Hurst to the club.
The club revealed it continues to have no debt and holds about £1 million cash in the bank. The directors took no salary or dividend payments from the club, consistent with prior years.
The amount spent on salaries in the 2016/17 seasons was £3.5 million, marginally lower than the £3.7 million in the previous season.
'Two really healthy years'
Chief executive Brian Caldwell said: "The club has benefitted from the continued good work done by the chairman in previous years.
"We have had two really healthy years, which included a really good cup run and the sale of some of our players including Connor Goldson, Ryan Woods and Harry Lewis.
"Along with the sale of land to Lidl, these are extraordinary items so you have to look at these in different ways. Unfortunately you can't budget for them every season.
"We currently have a strong financial footing, which I believe is one of the best in the EFL and the Premiership.
"We have no debt, own our stadium and have got the training ground as an asset.
"The sale of the land to Lidl takes us back in profit again. There won't be too many clubs which have reported profit in the last two years.
"We have continued to invest. We spent £1 million on the training ground and improving the facilities there. I believe it is one of the factors why we have had a successful year so far.
"We had to pay compensation because of the change of manager.
"We had to pay a considerable expense to prise him away from Grimsby, which we were willing to do as we believed he was the right guy for the job. I would say this has been vindicated by the successful season we are having.
"We also had a change of players as once a new manager is brought in he inevitably wants his own players."
He added: "We are always trying to break even, but this can be difficult.
"This season the crowds are up which obviously brings in extra income. We have also got a cup final to look forward to, which also adds extra finance."