Dons announce latest results

HIGHLIGHTS

Record Turnover at £13.077 million
Operating Profit £509,000
Wages to turnover 51 per cent
Elimination of Debt allowed £14.493m to be transferred to shareholder’s funds hence transforming the balance sheet

Aberdeen Football Club plc today announced the trading results for the year ended 30 June 2015.

Pittodrie Chief Executive Duncan Fraser stated. “The 2014-5 season was again one of the most successful in the Club’s recent history. While it did not have the glamour of the previous season’s cup success, reaching the third qualifying round of the Europa League and pushing Celtic in the title race into May was an excellent performance from Derek McInnes and his team of players and back-room staff. The success of the Under 20 team in winning the SPFL Development League for the first time since 1987 was also a great achievement and bodes well for the years ahead.

“The football management team continued the process of reshaping the first team with several players moving on while in the January transfer window, the management team were successful in getting Graeme Shinnie from Inverness Caledonian Thistle to sign a pre-contract and then convinced Kenny McLean and St. Mirren that his future lay at Aberdeen. The manager further supplemented the squad with the signing of Ross County captain Paul Quinn and the loan signings of Danny Ward and Ryan McLaughlin from Liverpool and Josh Parker from Red Star Belgrade.

“The overall turnover increased by £1.919 million from £11.158 million to £13.077 million,which is a record for the Club, with the previous highest turnover of £12.869 million being achieved in the 2007-8 season when we reached the knockout stages of the UEFA Cup. The Club Shop also achieved a record income of £2.086 million

“Wages increased from £6.084 million to £6.644 million as a direct result of much higher performance bonuses being paid to the playing and management staff and an investment in the overall quality of the playing squad. The wages to turnover ratio has dropped from 55% to 51% which is excellent when compared with many other clubs. “Having reached agreement with the Bank and certain creditors to bring about a reduction of the Club’s net debt, the operating profit for the period rose from £34,000 to £509,000 which allied to the reduction in interest charges and facility charges, puts the Club in an excellent position going forward.”

Chairman Stewart Milne added. “At last year’s Annual General Meeting, the refinancing of the Club’s debt was formally approved, enabling £14.493 million to be moved to Shareholders’ Funds and allowing the Club to trade for the first time in many years without the burden of debt and regular interest and capital payments. The consequent strengthening of the balance sheet has put us in a better position to deliver the much sought-after dedicated training facilities and also a new AFC stadium.

“We did receive a setback earlier in the year when we were forced to shelve plans for new training facilities at Balgownie for the first team, U20’s team and youth development teams and for use by the Aberdeen FC Community Trust. Unfortunately, despite much dialogue and debate, the University and the Club could not ultimately reach an agreement on the utilisation of the proposed facilities and we have had to turn our attentions elsewhere. I would add that negotiations between the two parties were entirely amicable and we continue to work with the University of Aberdeen on a number of other initiatives. In the interim, for the first team squad, the existing arrangements and facilities at Countesswells are being enhanced, with good co-operation between Robert Gordon’s College and the Club. In addition to this, the pitches at the Bridge of Don Barracks have been improved to ensure we have contingency in our arrangements and allow for pitch rotation.

“In terms of the proposed relocation to a new stadium, Loirston Loch remains our preferred option, and we have been encouraged by the progress being made with Aberdeen City Council and their development partner at Loirston. While discussions are ongoing, we are still optimistic that we can reach a satisfactory arrangement among the parties to allow the development to progress.

“I said last year that I was pleased with how things had been going at the Club but that there was still much hard work to be done. The past twelve months have witnessed further improvement and, with our football management team as well as the vast majority of the squad under contract for the foreseeable future, everyone involved with the Club is looking forward with confidence and enthusiasm and with a commitment to deliver further success on and off the pitch.”

This year’s Annual General Meeting will take place at Pittodrie on the evening of Monday 14th December commencing at 7 p.m.