Turnover rises but profits fall for debt-free Shrewsbury Town
Debt-free Shrewsbury Town racked up more than £300,000 profit and saw turnover rise by almost £1.9 million last year, newly-released accounts reveal.
The League One club made £340,878 pre-tax profit, which was down on the £409,294 made the previous year.
However, turnover increased from £4.7m to £6.5m.
Income was boosted by the club reaching the League One play-off final and the Checkatrade Trophy Final, although Town ended both games as the losing side, while the side's good FA Cup run also benefited turnover.
The club also received compensation after they lost manager Paul Hurst and assistant Chris Doig to Championship side Ipswich.
The sales of Toto Nsiala and Jon Nolan to Ipswich are not taken into account.
Attendances and salaries up
The club said in the 2017/18 season attendances were higher and there were more home matches, owing to an extra play-off game and run in the Checkatrade Trophy.
The amount spent on salaries in the 2017/18 season, including bonuses paid to players, was £3.8m - about 10 per cent higher than the previous season
The new accounts, which cover the period from July 1, 2017 to June 30 last year, show the club held about £2.9m cash in the bank as of June 30 last year, compared with £1.1m the previous year.
The directors took no salary or dividend payments from the club, as has been the case in previous years.
Chief executive Brian Caldwell told the club website: "I think we should be very proud of the figures we have shown in the last number of years.
"It is unusual for a club in League One and many football clubs to continue to show profit over the years.
"I am sure we will be the envy of other football clubs, putting these figures out and continuing to show a profit and a good turnover.
"Getting to the Checkatrade Final, the play-off final, West Ham in the FA Cup replay, we had a lot of unbudgeted monies.
"We also had compensation for Paul and Chris going to Ipswich which are included in the figures. Despite all of that, it is still only a £340,000 profit which is obviously a bit alarming.
"We invested quite a bit of money in the training ground last year. It is continually trying to improve the surfaces and the infrastructure. We will always strive to do that.
"If we get any extra monies we see what we can do with it for the long-term benefit of the football club, not just the short-term.
"We invested money this financial year in the dressing room because we felt it was the right thing to do for the long-term benefit. I think the players have reacted to it and it has been a good investment.
"The training ground is a constant investment. We spend a lot of money ensuring the grass is a top surface and there is always a lot of maintenance to do there.
"We spent quite a bit in the close season last year and spent quite a bit in the previous season as well. I think we have spent over £1 million in transfer fees in the last year and a half, some of which will cross this year and some which will cross the last financial year.
"We always strive to ensure we support the manager. If we feel an investment is the right one to make we will invest in the player in the hope we can get success from it.
"I think we should be very proud of how the football club is run. The chairman has done phenomenal over the years."
Manager Sam Ricketts said: "We're really grateful of how the club is run here. There are no problems at all, no monetary worries.
"There's a very good training ground, a very good ground, we're all set off the field.
"It's very pleasing and sometimes it doesn't get the recognition how the club is run as well as it is.
"The biggest thing is the chairman has run the club fantastically well to be where we're at.
"We don't have the problems of Blackpool or Coventry, we have really good facilities and have made a profit.
"It's how football should be run. A lot of people gamble and then when it doesn't come off you have big, big problems.
"We're very happy with where we're at."