The accounts were signed off by the Auditors on 31st March 2006 and filed at Companies House on 22nd April 2006. Brief highlights are as follows:
Turnover up 10% to £8,685,711 (L/Y £7,888,438)
Loss for the Year down 89% to £881,118 (L/Y £8,146,489)
Group Debt up 1.8% to £25,733,260 (L/Y £25,268,848)
Group debt consists mainly of a bank loans and overdrafts of £12.9m, £10m that is (now) owed to Craigavon one of the clubs shareholders and £2.2m owed to Robinson, McGinnity and Higgs.
As usual with accounts there's a lot in the detail so I'll briefly mention some of the highlights here…
Gate receipts went up by 17% but Commercial revenues fell by 14%, which would explain the appointment of Paul Fletcher and his team a while ago.
Wage costs fell by 20% to £6,376,050 (L/Y 8,023,337).
The board's valuation of the squad was £3.7m (L/Y £6m).
Compensation paid to a director for loss of office amounted to £150,000.
The club spent £1,483,755 more in cash than was generated through its activities.