Three years after Neil Doncaster warned of Armageddon Dundee United have posted a club record profit of £3.94m- while paying HMRC in full and on time!
The incredible news was revealed today when the club announced their trading figures for the year to June 2015.
Included in the figures are the fees received for Stuart Armstrong and Gary Mackay-Steven with the £1.25m sale of Nadir Ciftci coming after the accounting period.
A club statement earlier today read: “Dundee United’s Annual Accounts for the period to June 2015 reveal a net profit of £3.94m for the year, an increase of some £2.7m on the previous year. This represents the largest profit since the foundation of the football club in 1909 and also the fifth time the Club has reported a profit in the last six years. These figures continue the significant improvement when compared to the previous 12 years, a period when the Club recorded only one profitable year.
“The profit for 2015 was underpinned by a 4% increase in revenues to £5.82m, reflecting positive on field performance with the Club securing a top six finish for the eighth consecutive year and a second consecutive domestic league cup final in reaching the 2015 League Cup Final.
“Successful player trading enabled the Club to reduce its net debt, which stood at £7.3m in 2007, to £1.28m in a further step in the Club’s strategy to reduce net debt.
“It is noted that the Club continues to spend more than it generates in income. The operating loss for the year was £799k and only successful player trading can sustain such losses. Much work continues to be done on identifying and implementing reductions in operating expenses and the value of this work should be reflected in forthcoming results.”
