Torquay United, who were taken over by a consortium of eleven local businessmen 18 months ago, turned a £470,000 loss in 2006-7 into a £10,407 profit in the year ended 30 June 2008. That come on the back of a big increase in turnover as the Gulls failed in their attempt to get back to the Football League, losing in the Blue Square Premier play-offs, but went to Wembley for the FA Trophy final and made money from a strong FA Cup run.
Torquay United, who were taken over by a consortium of eleven local businessmen 18 months ago, turned a £470,000 loss in 2006-7 into a £10,407 profit in the year ended 30 June 2008. That come on the back of a big increase in turnover as the Gulls failed in their attempt to get back to the Football League, losing in the Blue Square Premier play-offs, but went to Wembley for the FA Trophy final and made money from a strong FA Cup run. United’s turnover went through the £2m barrier for the first time at £2,224,699, an increase of £800,000 on the previous year. Although the club’s cup exploits gave them a major boost, they did not have any significant transfer income. This season outgoings have been higher and there has been some impact on gates from the credit crunch. As a result, directors have had to give the club some additional backing. However, the club’s finances are generally on a very sound footing.