£162,190 Profit For Hereford United

The annual report and accounts for Hereford United have been released to shareholders. They show that the club made a profit of £162,190 in their first year back in the League.

The club debt has fallen to £652,568 which is half what is was just five years ago. The progress the club has made since those dark days earlier this decade, when the club might have folded, can not be overstated.

The Board of Directors are pleased to report another profit for the season 2006 - 2007. The good financial results reflect a successful season on the pitch which resulted in the club successfully retaining their League status.

The financial situation of the company is now better than it has been for a number of years. We hope that this is a base from which we can build further success in the future.

It is now clear that in the long term the Club will continue to play at Edgar Street and that the ground will be developed and refurbished in partnership with the Developers.

Turnover for the year rose by nearly 60% from £1,040,199 to £1,641,995. Staff costs, which includes players wages, rose from £754,989 to £1,006,903. The two 'working' directors emoluments rose from £58,567 to £86,793.

And for the first year for a long time there was a negative figure for transfer fees. £8,573 came in and £20,000 was paid out (for Ben Smith).

The increase in profit can, in part, be put down to a substantial increase in sponsorship. The figure was up from £105,804 to £371,105. This figure will include the League payment for broadcasting fees etc of around £250,000.

There was also an increase in gate revenue of around £250,000 and a encouraging increase in club shop sales up from £53,816 to £82,665.

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