LATEST ACCOUNTS SHOW STRONG RESULTS FOR ABERDEEN FOOTBALL CLUB
- Turnover increased by almost £2million
- Operating profits of £533,000
- Wages to turnover 51 per cent
- £3.3million additional investment secured
These accounts show that turnover increased by almost £2million, from £13.414 million to £15.281 million, with operating profits of £533,000, consistent with the last four years.
AFC chief executive, Duncan Fraser, said: “The 2016-17 season was one of the most successful in recent years. Finishing second in the league for the third successive season and reaching both domestic cup finals reflect the great effort by Derek McInnes and his team of players. It is just disappointing that their exceptional effort did not result in silverware.
“The reshaping of the first team squad during the summer involved a great deal of work with a number of players coming in and out as well as players already here committing their immediate futures to the Club.
“The overall turnover increased by almost £2millon, down to the appearance in both domestic cup finals and the net sale proceeds from the transfer of Jonny Hayes to Celtic.”
Wages increased from £6.817 million to a record £7.761 million because of the continued high investment into the first team squad. Even with this additional and important investment, the wages to turnover ratio remains at 51%.
AFC chairman, Stewart Milne, welcomed the £3.3 million of additional investment into the Club and to the AFC Community Trust. This represents £2.5million from Dave Cormack and £775,000 from Tom Crotty. He said: “In June we welcomed US-based entrepreneur and Aberdonian, Dave Cormack, as a major shareholder. In addition to his investment, Dave brings a wealth of business knowledge, particularly in digital marketing, and an ability to attract American investment. This was demonstrated by Tom Crotty’s recent purchase of new shares – the Club’s first ever investment from the US.”
“These investments have been achieved because of the strength built up right across the Club over recent years, in respect of football, financial, and commercial performance.”
“However, if we are to deliver on the significant challenges that lie ahead in terms of sustained planned growth, and delivering the new training and community facilities and stadium at Kingsford, the board recognises that it needs to realign and strengthen the senior management team.
“We have invested considerable financial and management resources into getting the planning application for Kingsford to its current stage, and this remains the most critical aspect of determining the future of our Club. This has been frustratingly delayed by around ten months, but we are now in a position of having the most robust case for our plans with a definitive date for a decision by the end of January.
“The Club would like to thank the fans, the business community and the wider community for their tremendous support of the project which we hope will continue right up until D-Day. We cannot stress enough the importance of demonstrating the over-whelming backing for a project of major economic significance for the Club and the wider region.
“The successful work of Aberdeen FC Community Trust in reaching out to help so many members of our community with such limited resources, demonstrates the positive impact we have and strengthens the socio-economic case for our plans at Kingsford.
“There are so many fantastic initiatives, but I’d like to highlight the award for the Best Community and Social Responsibility Programme in Europe at the European Club Association Awards in Geneva in September – a glowing testament to the very real contribution that is made by the organisation right across the region.”
This year’s Annual General Meeting will take place at Pittodrie on the evening of Monday 18th December commencing at 7 p.m.
To view the Annual Report in full click here
Watch an interview with AFC Chairman, Stewart Milne about the accounts