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Aberdeen make near £1m loss but Miovski fact suggests profitability return close
Aberdeen has posted a record turnover of £23.6m but still made an annual loss of £880k.
While the club grew its income by 49 per cent from the previous financial year, a £6.1m fall in player sales made the gap difficult to bridge.
And despite the bottom line, there is a lot for the Dons, riding on the crest of a wave at the top of the Premiership, to be happy about. The club's wage-to-turnover ratio, a metric many experts feel is crucial to the running of a football club, was slashed from a dangerous 76 per cent to a much healthier 54 per cent. Earnings before interest, tax, depreciation and amortisation [EBITDA] were also in the black at £847k.
And that positive news is further underlined by the fact the club’s record £7m sale of Bojan Miovski to Girona in Spain will be included in next year's accounts, suggesting a return to profitability won't be long away.
Dons chairman, Dave Cormack, said: “These robust accounts, showing record turnover and positive EBITDA, underline the strides the Club is making, both on and off the pitch, towards achieving its strategic goals, most notably growth and football success through financial sustainability. While the increase in turnover is largely due to European group-stage football, together with domestic cup runs, it has been bolstered by significant increases in retail and commercial income streams.
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“A key criteria of a well-run, financially sustainable Club is the wages to turnover ratio, and, during this period, we are sitting at a very healthy 54%. Our player trading model where we need to carefully balance significant additional investment in football wages and transfer fees against income from player sales, continues to show positive momentum. But, due to the cyclical nature of player sales, the recent real gains will only be reflected in next year’s results.
“I’d like to pay tribute to our investors, directors and dedicated staff for all their hard work and efforts in contributing to our financial performance. The incredible, unwavering support of our fans, both at home and away, is also a major contributor which we gratefully acknowledge and never take for granted.”
