The Directors have approved and signed the accounts for the year ending 31st May 2018 reporting a loss of £425,748.
Gate income from Betfred Cup matches helped increase turnover however this was offset by an increase in administrative expenses from higher wage and salary payments as a result of changes made during the year to the management team and the first team playing squad.
The Directors are forecasting a loss for the year to 31 May 2019. The Company’s major shareholder, FPS, continues to provide the necessary support to fund these losses as the Directors focus on reducing the trading deficit and moving towards profitability.
Plans to build a new stadium continue to move forward although progress has been slower than anticipated.
FPS intends to increase its stake and commitment to the Company by raising its shareholding to at least 75% of the voting equity. This would allow FPS to claim Group Tax Relief and offset the trading losses of the Company against its other business activities.
The Directors would like to thank all of our supporters, shareholders, staff, sponsors and partners for their support as we continue to work together to create a successful team and a robust and profitable business.
A copy of the accounts can be found in the Club section of the website.
