Dundee United post profit
Thu 10th Mar 2011 | Money & Finance
Dundee United made a net profit of £66,000 for the year ending June 2010.
The news comes after they released their Annual Accounts today showing an improvement of £203K on the previous year.
Despite the demanding financial climate within Scottish football at the moment, on-field success, most notably the achievement of winning the Scottish Cup and finishing third in the SPL ensured the Club showed a net profit.
Turnover for the year was £6.052m, an increase of £260k over the prior year and an £2.24m increase over 2004.
Dundee United’s bank borrowing remained consistent with the previous year with the balance of the term loan remaining at £5.4m.
However, it was revealed that Directors' loans for the year increased by £300k to £435k.
Chairman Stephen Thompson said "In extremely difficult financial times for Scottish football as a whole, it is pleasing to see the Club return a small profit for the year.
He continued, “It should be stated, however, in a season in which we won the Scottish Cup and finished third in the League, this modest profit only goes to show the harsh realities of the current financial climate within Scottish football.
“Despite the huge success enjoyed on the park, home attendances dropped by 10% in relation to the previous season. The Club remains committed to supporting Peter Houston in providing the best team possible but we also accept that any expenses incurred have to be covered by income generated.
“This is the challenge that faces us over the next few seasons. It is with the continued support of the fans that we can ensure the long term stability of the Club."
He added: "In summary, whilst the importance of the financial restrictions within Scottish football at present cannot be underestimated, the Club has, and continues to face up to its current challenges in a quiet and diligent manner.
“We will continue to monitor and pursue cost saving measures and over the months ahead the Club faces some tough decisions but, with the support of our loyal fan base, we remain totally committed to providing Dundee United supporters with both a team on the park to be proud of and also a football club run in a prudent and efficient manner."
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