The loss of £1,394,054 compares unfavourably with a loss of £194,774 for the year ending June 2016. The club fared even worse in the year ending June 2015 as a loss of £1,931, 932 was reported. The last recorded Posh profit arrived in the year ending May 2014 when the £6 million transfer of Dwight Gayle to Crystal Palace contributed greatly to a profit of £1.8 million.
Transfers out of the club in the latest financial year were the biggest factor in the increased loss. Posh made a profit of over £2.6 million to the year ending June, 2016, but ‘just’ £367,242 in the last financial year. Posh sold striker Conor Washington to QPR for a reported £2.5 million in January, 2016.
Take away the transfer dealings and Posh have improved financially year-on-year. Turnover was up almost £1 million to £7,198,063. The club made decent money (although not as much as they expected) from the third round FA Cup tie in January at Chelsea,
Next year’s accounts will include a sell-on payment for striker Britt Assombalonga following his £15 million move from Nottingham Forest to Middlesbrough in August. High wage earners like Michael Bostwick have also left the club.
The figures again show the continued reliance on chairman Darragh MacAnthony for financial support. He now has loans totalling almost £6 million in the club.
The figures also show the need to raise money from player sales, although MacAnthony resisted the temptation of cashing in on star man Marcus Maddison in August. The player instead signed a new contract.
The club will hold their Annual General Meeting at the ABAX Stadium on Monday, December 18 (noon) and MacAnthony, as well as manager Grant McCann, is expected to attend.
In his letter to shareholders accompanying the accounts, MacAnthony made no references to finances, but said; “Our season started on full throttle, but has stalled somewhat. We need to fill the tank up and get back on the highway as soon as possible.
“Following a below-par finish at the end of last season I am determined we come back fighting both on and off the field and give you, our supporters, performances to be proud of.”