Bristol City report £9.2m trading loss
Tue 17th Mar 2015 | Money & Finance
Bristol City's annual accounts are now available online, showing a trading loss of £9.2m on the year ending May 31st 2014.
- Bristol City Annual Accounts 2014 – PDF Download
This was a significant reduction of 20 per cent (£11.5m) compared to the prior year.
Sales for the year were £3.9m down as a result of relegation from the Sky Bet Championship to League One.
The main component of this reduction was League distributions, which were down £3m on the prior year.
Alongside this 38 per cent drop in sales was a reduction in operating costs of 29 per cent, including a salary reduction of £5.5m.
This shows that necessary measures were taken to the cost base following relegation.
Chairman Keith Dawe writes in the annual accounts: “On the pitch it was a difficult start to the season…the appointment of Steve Cotterill in December signalled the beginning of improved performances, better results and a strong finish to our League One season.
“Our plans to provide the people of Bristol with significantly enhanced stadium facilities here at Ashton Gate Stadium have received much publicity. Sizeable costs for professional advice and planning applications to support this work have been incurred during the 2013/14 financial year.
“The go-ahead for demolition of the Wedlock Stand was given after year end and has now started; this will be replaced by a much-improved South Stand for the beginning of the 2015/16 season.
“Work to refurbish the Dolman Stand is also planned and is due for completion by the start of [next season]. With these two stands operational again, the Williams Stand will then be demolished and replaced.
“These new facilities are crucial to our drive for significantly higher commercial revenues across the group businesses. I hope everyone will continue to bear with us during the building process and the necessary reduced capacity – I am sure that the end results will justify any short-term inconvenience.
“I am sure that we will all benefit from the rebuilding work that we are just starting at Ashton Gate and that together we will have a stadium that we can all be proud of and which will give us a sound base for future success together.”
Image: Action Images / Adam Holt
Posted by: Kev Howland
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