The treasurer’s statement was mailed out to shareholders ahead of next week’s AGM where it will be rubber stamped.
In her accompanying comments, Leeann Dempster the club’s Chief Executive, stated that the financial position remains strong with no bank debt and a healthy cash balance at the end of the year (May 2011).
Given that there was a change of management team midway through the season, tribute was paid to the playing staff for delivering terrific entertainment for the fans.
Turnover was up from £4.4 million in 2009/10 to £6 million in 2010/11. Gate receipts were up over 60% to £2.3M and TV and radio income rose by more than 40% to £1.9M. Although season ticket sales have risen most of these rises are a result of our runs in the three cup competitions.
The increase is all the more impressive since income from player sales dropped from £1.1M in 2009/10 to only £190,000 for the last financial year.
The financial statement reaffirms the board’s commitment to complete the transfer of shares to the Well Society assuming a successful uptake in membership and restated the intent to ensure the club gains financially from the identification, development and sale of football talent.
It’s a good time to be a ‘Well fan!