FINANCIAL RESULTS FOR YEAR ENDED 30 JUNE 2018 REVEALED

Tannadice

Published: 8th February 2019

Dundee United has announced that the Club's AGM will be held at Tannadice Park at 11am on Friday 1 March 2019.
 

Having dispatched the Annual Report and Financial Statements to all shareholders earlier in the week, in accordance with Companies House requirements, the Club is now in a position to make the wider fan base aware of how it is performing financially.
 
The headline figure of a loss of £218,993 for the year ended June 2018 represents a significant improvement on the 2017 loss of £1,042,855, especially when the trading turnover for the Club reduced by more than £300,000, related cost of sales increased by approximately £25,000 and administrative expenses fell by nearly £200,000. The net result was ultimately driven by the near £1,000,000 increase in profit generated from player sales during the twelve month period plus a profit realised of just under £450,000 from the sale of Gussie Park, which accounted for the reduction in administrative expenditure.  A significant amount of the player sale profit was received earlier than anticipated and included in the year ended 30 June 2018 instead of year ending 30 June 2019.
 
The Club's new Managing Director Mal Brannigan commented, "While it is encouraging to see a marked improvement in the Club's financial results year on year, it is worth noting that these results are for the year ended 30 June 2018.
 
"It is anticipated that this trend will not continue in the current financial year, most significantly as a consequence of recent investment in the playing squad during the January transfer window. The change of ownership in December has also seen new investment in other areas of the Club, which will be ongoing if it fits with the strategic objectives of the organisation, including the re-purchase of Gussie Park, the repositioning of the Academy and the rollout of future refurbishment projects. These investments will need to be financed by new and ongoing revenue generated by the operations of the Club but ultimately underwritten by Mark and Scott Ogren."