Newport County lost £350,000 chasing the dream of rejoining the Football League but the club expects to see a big boost to revenue streams during this financial year. This week’s annual general meeting revealed considerable detail about the finances of a League 2, formerly Conference, club.
Newport County lost £350,000 chasing the dream of rejoining the Football League but the club expects to see a big boost to revenue streams during this financial year. This week’s annual general meeting revealed considerable detail about the finances of a League 2, formerly Conference, club.
The annual report stated that the priority for the business was to achieve promotion, an achievement that led to an operating loss (before exceptional items) of £606,032. However, that loss was offset in a gain of £263,626 resulting from restricting the ‘historic’ debt (largely money owed to former directors) by converting it into shares and cash.
Turnover went up for the Exiles to £1,227,623 after topping £1 million for the first time in 2012 and, interestingly, the Exiles list just £750 as their expense for incoming transfers. That’s because chairman Les Scadding paid for their two most significant deals, those for Christian Jolley and Conor Washington, as part of an interest free loan and with no deadline on repayment, totalling £395,959.
Turnover for this year should be up again, notwithstanding the cost of playing at Rodney Parade being £51,000 in rent compared to £17,000 at Spytty Park. Revenues were up for the Exiles virtually across the board, with gate receipts increased from £330,904 to £555,677.
Programme sales were up around 33 per cent and ‘other income’ rose from £114,740 to £185,413. The Exiles boosted their commercial revenue from £76,361 to £115,137 and the Bisley Business Club added an additional £21,176.
Newport’s trip to Wembley for the Conference Play-off Final wasn’t as lucrative as their FA Trophy Final a year previously, netting the club just £69,932 compared to £150,999 in 2012, with television and prize revenue also falling significantly, from £167,330 to £29,000.
The club also announced a total of £110,000 received for player transfers. The Exiles are also now dealing with a seven-figure wage budget for the first time. Playing wages increased in 2013 to £949,964 from £648,188 and staff wages also rose, from £83,535 to £226,177, inclusive of new staff off the field and new contracts from manager Justin Edinburgh and assistant Jimmy Dack.