Carlisle United Post Disappointing Set Of Financial Results
Fri 7th Nov 2014 | Money & Finance
Carlisle United have said they are disappointed with their latest set of accounts posted today.
The Sky Bet League Two club’s total income for the year stood at £3.55m, in line with the previous year, with small movements between different aspects which reflected a better FA Cup run but poorer programme sales and reduced hospitality income.
Expenditure was reduced by £291,000 from the previous year, despite a small increase in loan player fees to £87,037.
Following season 2012/13 Carlisle continued with its ‘cost improvement programme’ in order to reduce the overall losses at the club. Season 2012/13 had losses of £528,403 before amortisation and depreciation and £666,257 total loss, with a reduction in net assets to £2.45m.
In the last twelve months of trading the loss had been reduced to £234,519 before amortisation and depreciation and £369,440 total loss. Net assets are now at £2.08m.
The relegation from League 1 to League 2 will have a considerable affect on the forthcoming year as ‘guaranteed income' falls by some £286,000.
Managing director John Nixon said: “The results were not at the ‘cash neutral’ state that was planned for the year and, as such, were disappointing.
“However, after management changes the directors backed the new regime financially in an attempt to avoid relegation from League 1, albeit this was subsequently not successful.”
Image: Action Images / Ed Sykes
Posted by: Aaron Gourley
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