Town's shareholders have started receiving their copies of the club's Annual Report and Accounts for 2004 ahead of the AGM on November 17th. The club reported a net loss of £480,000 for the year ending June 2004.

Town chairman David Sheepshanks says that loss was due to the Company Voluntary Arrangement (CVA) the club has been subject to since exiting administration in May 2003: "As a result of CVA adjustments of £0.486 million, we are reporting a net loss for the year of £0.48 million, reduced from £7.75 million in the previous year.

"Turnover of £24.4 million was up from £23.5 million. Happily, on an operating basis, we returned to a profit of £1.74 million, compared to an operating loss of £15,05 million the year before."

Sheepshanks says that Town's financial performance is good when compared to other similar clubs: "To put our results into perspective, Sheffield United made an operating loss of £700,000 in the same period.

"The reason I make this point is firstly to show the dramatic turn around in our financial performance and to give you some perspective as to our performance against one of our main competitors."

Town's wage bill dropped from £14.9 million last year to £9.1 million and will have continued to drop towards the planned £5 million mark for the current year due tot eh exits of higher earners and the reduction in the number of players on Premiership contracts.

Retail business dropped by 7%, the club's earlier administration having an effect in the early part of the year. Non-matchday income rose by 4% to £1.3 million.

Sheepshanks had praise for manager Joe Royle and chief executive Derek Bowden: "Everything begins and ends as far as the club's performance goes on the pitch, and Joe Royle has done a remarkable job to hold us in contention despite having to part with a number of players.

"Derek has done an equally tremendous job running the business side of the club."

The AGM will be held at the Regent on November 17th, Ipswich Town Ist having suggested the town centre theatre as a venue when they discovered the club planned to hold the meeting in the Greene King Stand.

The club's 3,300 shareholders will get the chance to vote on 13 resolutions, eight of which are the re-election of all the members of the club's board, including chairman David Sheepshanks.

Amongst the resolutions is Ipswich Town Ist's proposal that the club adopt a process for the election of a supporters' representative on to the board of the club. More on this resolution can be found on the Trust's website here.

Fans' representatives now sit on the board of 38 clubs and TWTD fully supports the Trust motion.

Photo: Action Images

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