Town have announced a loss before tax of £3.2 million in the year to the end of June 2019.
Ahead of this evening’s PLC AGM in Beattie’s, shareholders were given a sheet outlining the financial highlights of the overall club for the year to June 2019.
The PLC owns 12.5 per cent of Ipswich Town Football Club Co Limited and consists of the club's shareholding prior to the takeover 12 years ago with Marcus Evans owning the other 87.5 per cent.
The club made an operating loss of £10.41 million in the financial year 2018/19, while making £7.8 million profit on the disposal of players, the initial fees received from the summer of 2018 sales of Martyn Waghorn to Derby and Joe Garner to Wigan, as well as academy youngsters Ben Knight to Manchester City and Marcelo Flores to Arsenal, and Ellis Harrison’s switch to Portsmouth in June.
Top-ups from earlier deals and the initial sell-on for Matt Clarke - who joined Brighton from Portsmouth in June - are also likely to be included in that figure. Former Blues Tyrone Mings, Adam Webster and Kieffer Moore made their moves after the end of June so their sell-ons aren’t included in this year’s accounts.
Net player trading was £5.4 million - profit on sale of players less amortisation charge - up from £2.7 million the previous summer.
In the previous financial year Town made a loss before tax of £5.2 million and an operating loss of £8.4 million, having received £3.8 million from player trading.
The club’s overall debt has grown from £95.50 million to £96.26 million, owed almost entirely to owner Evans’s other companies - the increase an additional £751,000 in non-interest-bearing intra-group loans - with former MD Ian Milne having previously outlined the position.
"This is no third party debt," he told TWTD in November 2014. "The money that an owner has put into a club, he’s never going to see that back, unless maybe it goes up [to the Premier League]. But even then I doubt he’ll see that return.”
Town’s turnover in 2018/19 was up slightly from £17.13 million in the year to June 2018 to £17.72 million.
The wage bill, by far the club’s biggest outlay, was £18.95 million, 106.97 per cent of turnover, up from £18.53 million during the 2017/18 season. As in previous years, that's likely to have been around the 18th highest wage bill in the Championship.
Gate receipts were down from £4.7 million in 2017/18 to £4.6 million last season, while commercial income was up slightly on the year to June 2018 at £4.98 million from £4.35 million.
Despite the season seeing the Blues relegated from the Championship, the average attendance was up from 16,272 in 2017/18 to 17,767 last season, while season ticket sales were also up at 10,633 having been 10,144. In 2016/17 the total was 12,022.
"Gate receipts were down on last season despite an increase in average attendance due to i) season ticket price reduction of 10 per cent and ii) match ticket promotions in the second half of the season,” the highlights document explains.
"Cup receipts were also lower than last year, down from £90,000 in 2017/18 to £27,000 in 2018/19.
"Commercial revenue increased from £4.35 million to just under £5 million due to the new shirt sponsorship deal with Magical Vegas and the Rod Stewart concert in June.
"Catering and events remained similar to last year, however retail and corporate hospitality sales fell slightly short of 2017/18 levels.
"EFL income was higher than last year due to an increase in the solidarity payment offset by a decrease in the basic award distribution.
"Direct costs increased from £22 million in 2017/18 to £22.5 million this year due mainly to player wages, loan players and associated agent fees as further funds were invested in the first team squad and also our academy.
"Administrative expenses increased from £1.6 million to £2.4 million in the season 2018/19, a similar level to 2016/17 (£2.3 million).
"2017/18 included a one-off refund of historic policing costs following a legal settlement, partly offset by an increase in the club’s share of the EFL’s pension scheme deficit, hence the lower administration costs."
The financial highlights can be found in full on the club site here.