Aberdeen Football Club announced yesterday evening a small profit for the year ending 30 June 2018.
The accounts show that turnover increased from £15.281 million to £15.415 million and an operating profit pre-amortisation of £85,000, the fifth year in a row that a positive result has been achieved.
AFC chief executive, Duncan Fraser, commented on the club website: “The 2017-18 season finished on a high note with victory at Celtic Park to secure second place for a fourth successive season.
“The Club also reached the third qualifying round of the Europa League for a fourth successive season, but agonisingly couldn’t take a further step into the play-off round. Having reached both cup finals in the previous campaign, it was disappointing to go out at the quarter-final stage of the League Cup and the semi-final stage of the Scottish Cup however with a League Cup final to look forward to in the next few days progress continues to be made”.
“The turnover figure of £15.415 million is another new record for the Club, with the main factors being a substantial increase in sponsorship, advertising and commercial income, offset by a reduction in UEFA prize monies as a result of playing in fewer rounds of the Europa League in season 2017/18 to which these results refer.
“Wages increased from £7.761 million to a record £8.564 million as a direct result of our continuing investment in the overall quality of the playing squad, the level of success in all competitions and securing the management team on new contracts and the wages to turnover ratio has also increased from 51% to 56% which is still well within accepted industry norms and compares favourably to other clubs.
AFC chairman, Stewart Milne welcomed the progress currently being made towards establishing the new training and community facilities at the Kingsford site. “We were delighted when in January of this year Aberdeen City Council (ACC) voted in favour of the planning application for the training and community facilities and new stadium on the Kingsford site, with final planning consent following in April.
“Groundworks on the site commenced in late June with the completion of the Phase 1 professional training facilities, youth facilities and community facilities anticipated in the summer of next year with the Phase 2 new stadium to follow after a comprehensive consultation with our fans. On 20 July 2018, a pressure group “No Kingsford Stadium Limited” was granted an order by the Court of Session to allow a petition for a judicial review of the ACC decision to grant the planning application for Kingsford. In late September it was announced that a procedural hearing was scheduled to take place on 19 December 2018 with a substantive hearing on 29-31 January 2019. Whilst this was unwelcome news, the Directors remain confident that the planning procedure has been robust and that the plans for training facilities and a new stadium will go ahead as intended.”
This year’s Annual General Meeting will take place at Pittodrie on the evening of Monday 17th December commencing at 7 p.m.