Big-money transfers keep Posh in profit

Posh chairman Darragh MacAnthony (right) and his highest-paid director Barry Fry.
Posh chairman Darragh MacAnthony (right) and his highest-paid director Barry Fry.
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Peterborough United Football Club made a pre-tax profit of just under £1.8 million for the year ending May 2014.

The sale of Dwight Gayle to Crystal Palace for £6 million in July 2013 ensured Posh made a profit compared to the small loss (£43,448) of the previous year, but the cost of relegation from the Championship is laid bare by the latest accounts.

Posh turnover for the year ending May 2013 was £9,956.048, but the following year it dropped to £6,342,400 - a fall of over £3.6 million. The average gate fell by almost 2,000 in that period,

Staff costs fell by over £1 million in the same period, but the accounts confirm how much Posh are reliant on chairman/owner Darragh MacAnthony. DMA Holdings S.A, a company in which MacAnthony has a financial interest, have loans totalling over £5 million owed by the football club.

MacAnthony, in a letter to shareholders ahead of the club’s Annual General Meeting on Monday, March 23 (noon), said: “It’s been a tough 12 months on the park with us missing out on promotion last season and struggling to find consistency this year, but we’ll fight on till the end of the season and see where that takes us.

“Positive news has been the opening of the Motorpoint Stand which looks magnificent and the completion of the training ground building at Nene Park Academy. Both of these ventures show we are moving forward in the right direction and bode well for the long term future of our football club.”

The sale of Britt Assombalonga to Nottingham Forest in August 2014 for £5.5 million will probably ensure Posh post a profit again next year.

Posh chief executive officer Bob Symns, again in a latter to shareholders, said: “The sale of Dwight Gayle to Crystal Palace was key to generating a profit which has helped us to repay the overdraft facility that was previously relied upon.

“Our retention of League One status at the conclusion of the season following defeat in the play-off semi-final against Leyton Orient was disappointing in the extreme following a tremendous start at the beginning of the campaign.

“However, once again a summer-time transfer, this ebing the sale to Nottingham Forest of Britt Assombalonga gave the business a much appreciated injection of revenue. This would allow us to consider involvement in the the transfer marker to further improve our squad as well as support in the planning and completion of our new training ground facilities.”

Main figures of not to emerge in the latest Posh accounts (2013 figures in brackets).

Turnover: £6,342,400 (£9,956,048)

Pre-tax profit/loss: £1,769,997 (-£43,448)

Staff costs: £5,201,817 (£6,209,132).

Number of employees: 217 (204)

Playing staff: 63 (59)

Wages and salaries: £4,711,307 (£5,547,017)

Directors’ renumeration: £132,913 (£203,835)

Average attendance: 6,342 (8,215)