Plymouth Argyle's total income for their return to the Championship in the 2023/24 season soared to a record-breaking £26.68 million.

That was an increase of more than £11m compared to the previous campaign when the Pilgrims won the League One title under former boss Steven Schumacher with 101 points. Despite this, Argyle have reported a loss of £2.4m in their Annual report and Financial Statements for the year ended June 30, 2024.

Over £1m of that was due to the amortisation of players, some of whom signed in previous seasons. The remaining loss was attributed to the increased operating costs of competing in the Championship, which the club believes emphasises the need for continued revenue growth and diversification.

READ MORE: Wayne Rooney explains Kornel Szucs right-back switch for Plymouth Argyle

READ MORE: Plymouth Argyle not expecting injured key players back before January

Argyle's revenue when they were promoted from League Two in the Covid-shortened 2019/20 season was £6.97m. That fell to £5.67m in 2020/21 when games were played behind closed doors due to the continuing pandemic.

Total income approximately doubled to £11.77m in 2021/22 when fans were allowed back to Home Park and that increased to £15.03m the following season.

Argyle had home sell-outs for all 23 of their Championship matches at the Theatre of Greens last term, with an average attendance of 16,507, as their revenue hit £26.68m.

The Pilgrims' owner and chairman Simon Hallett told a Plymouth Argyle Cornish Supporters' Association fans' forum at the start of last week that turnover was set to rise to £29m in 2024/25, with 'at least somewhere between £14m-£15m' being spent on player wages.

In a Financial Statements summary, the club said: "A rise in average home attendance drove ticketing revenue from £4.6m in 22/23 to £5.5m in 23/24 — a 20 per cent increase, while retail and sponsorship revenue increased to £2.4m and £1.7m respectively.

"Our revenue growth enables the club to progressively increase the player wage budget – a key driver of on-pitch performance. To maintain financial sustainability, the club continues to diversify revenue streams away from the pitch.

"Home Park is now established as the venue of choice for concerts and events in the South West, demonstrated by the selling of over 25,000 tickets for the Take That concert in June. The club also continues to operate our five-a-side centre, Harpers Football Centre."

The statement added: "There were two managerial changes at Argyle during the season. We received compensation from Stoke City for Steven Schumacher’s departure. However, this was partially offset by the decision to part ways with Ian Foster.

"Simon Hallett and Argyle Green demonstrated their commitment to the club by providing £11m of additional investment during the 23/24 season.

"During the season, the club was able to purchase the Green Taverners’ building and is now able to offer additional match-day hospitality packages. A new state-of-the-art pitch was surfaced, featuring new LED advertising boards, enhancing the commercial opportunities for partners and sponsors.

"Our recruitment strategy of investing in young, exciting, talent is no secret; the additions of Morgan Whittaker and Bali Mumba for club record fees was further evidence of this. The pair played a combined total of 97 times last season, with Whittaker registering 27 Championship goals and assists.

"Both players have considerably higher transfer values now than that which we purchased them for – highlighting the success of our sustainable recruitment strategy and its significant contribution to our financial stability.

"Club emissions dropped to 10 per cent of turnover, and despite the number of club employees growing by 25 per cent, emissions dropped to 0.54 Tonnes of Carbon Dioxide equivalent (TCo2e) per employee, with the average being 3.4 TCo2e per employee for small to medium-sized businesses."

A 'Looking Ahead' section of the statement said: "The club remains united in working towards our mission - 'To be a sustainable top six Championship club within five years, with Premier League aspirations.' We are progressing on our mission in an ambitious yet sustainable way, mitigating any risk of going back into administration.

"The £21m Foulston Park development will become the home of our academy. Argyle’s £12m investment will provide the necessary infrastructure for the academy to upgrade to a category 2 facility.

"The development will enable us to produce more talents like Adam Randell, Freddie Issaka, and Michael Cooper. Players who, from a financial viewpoint, can either save the club resources, or generate transfer fees which allow the club to bolster the squad.

"In an exciting new change of structure, the women’s team has come under the club. This integration presents an exciting opportunity to further develop the women’s game. The development of Foulston Park will provide the team with a permanent base to train and play matches.

"It's an exciting time for Argyle as we seek new investment to help us towards our mission. We have identified a potential partner, with discussions ongoing with the EFL, as communicated by Chairman Simon Hallett last week.

"In summary, the 23/24 season marks a milestone of progression for Argyle, and we couldn’t have achieved this without the Green Army’s unwavering support."

You can read more of our Argyle stories from Plymouth Live by clicking HERE