The sales of Connor Wickham and Jon Walters saw the Blues make a rare profit of £136,000 before tax and interest in the year ending June 2011. But while Town made a surplus of £10.85 million on player trading, they made an operating loss of £10.72 million with the club’s overall debt now standing at £66.17 million.

The figures are revealed in an information sheet sent to shareholders in the PLC, which owns 12.5% of the club, outlining Town’s overall financial position. It is sent along with the PLC’s annual report and accounts ahead of its AGM, which will be held in the Sir Bobby Robson Suite at Portman Road on Monday 5th December.

In addition to the headline figures, player and coaching staff costs rose from £13.45 million in 2009/10 to £13.73 million in 2010/11. As a percentage of turnover player and coaching staff costs were down from 86.1% to 79.6%.

Overall staff costs were down from £17.08 million to £17.05 million, that’s 98.9% of turnover, compared with 109.4% in the previous year.

Turnover was up from £15.62 million in 2009/10 to £17.25 million in 2010/11, mainly due to an additional solidarity payment from the Premier League, with commercial income down from £5.22 million to £5.11 million with the P!nk concert included in the previous year’s accounts.

Income from the Football League, including TV and radio fees, was up to £5.5 million from £4.01 million a year earlier, with the Carling Cup semi-finals against Arsenal contributing to that rise. Gate receipts were up from £6.39 million to £6.64 million.

Direct costs rose from £19.3 million in 2009/10 to £19.9 million due to “player wages and additional match costs”, while the club made a “small saving” on administrative costs.

The £136,000 profit becomes a £3.17 million loss after interest on the club's debts is taken into account.

Town have given more information on the overall debt than previously. Last year’s total figure stood at £57.03 million with that figure increasing to £66.17 million by June 2011.

Largely that increase relates to "other group loans" (non-interest-bearing, £22.44 million, up from £15.63 million in 2009/10), which refers to additional funding from owner Marcus Evans. Aside from £2.04 million in loan notes made available in the period after the club’s administration, the debt is owed wholly to Evans and not to any outside institution.

Photo: Action Images

harlingblue added 20:48 - Nov 14 PJ please note...we need The Academy, we need players coming through from it...just to keep our Club afloat...please start to use them! Wigan were a buying Club, so perhaps you don't realise what it means for us SUPPORTERS to have home grown players to cheer! Under Jim, Roy and now you, we are seeing stars of the future move on.
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62WasBest added 21:33 - Nov 14 Which all goes to show that the current model for non-Premier League clubs is unsustainable. TV rights have caused this distortion over a lengthy period and will kill football as we have known it. Let's hope that the new financial rules will restore some sanity for a start. Trouble is, the gap will still be huge between the Premier League and the rest and we could well end up with Football League clubs being more or less feeder clubs. World exposure, prize money and advertising revenue will just enable the cartel of Champions League and Europa League clubs to squeeze the life out of the rest. Abroad , most leagues have always only had a small handful of large clubs but this country has always been different. We are now firmly becoming like them with few opportunities for less wealthy clubs to consistently challenge, as we did through the 80s and 90s. Football is much the poorer for it.

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62WasBest added 21:37 - Nov 14 Of course, I meant 70s and 80s. Wishful thinking on my part about the 90s!
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PSGBlue added 09:56 - Nov 15 These figures make worrying reading. From what I can gather we received £17.25 M last year and spent just about all of it on staff (i.e mainly players wages etc). That figure was bumped up by an extra payment from the football league and a slight increase in gate receipts from the cup run. Despite this we are still are about £9M worse off than last year and are being charges £3.3 M in interest, approx 5% per year. At current rate we will be in debt to the tune of £100 M in four years time and will be charged £5M per season with the whole thing escalating out of control. In turn we will be selling our best players and not recruiting any players of note due to cost. In turn that leads to relagation and loss of income at the turnstyles. Of course Marcus Evans may keep bailing us out, but it does make you wonder what will happen if he turns his back on us!

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