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Scunthorpe report loss of £3.4million in latest accounts

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Scunthorpe United have reported a loss of £3.4 million in the latest financial statements for the year-ended 30 June 2017.

The accounts were approved by the directors on 12th March and will be filed at Companies House in the next few days.

A statement on the club’s official website read: “The financial statements report a loss of £3.4m compared with £2.6m for the previous year. Of this loss, £1.3m represents expenditure on the new stadium that has been impaired in the accounts in line with accounting standards, a like-for-like comparison with the previous year excluding this item is a loss of £2.1m compared with £2.6m for the previous year.

The Board remains committed to the recovery of these costs.

Income has continued its year on year increase from £3.7m to £4.1m. All other income streams except gate receipts and broadcasting (both of which included a significant amount of income last year for the Chelsea tie) have also risen.

Income has increased by £1.8m (76.3%) since the year ended 30 June 2014, the first year in which the Chairman took control of the Club.

The balance sheet shows net assets of £452k compared with £1.7m last year.

The player wage bill for the season was £2.7m (2016: £2.5m).”

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