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Aberdeen FC announce £2million increase in turnover in annual results

The Aberdeen AGM will take place on December 18.
The Aberdeen AGM will take place on December 18.

Aberdeen FC have released their annual results up to June 30, with turnover increased by almost £2million from £13.414million to £15.281million.

The club said its operating profits for the period were £533,000, while wages increased from £6.817 million to a record £7.761 million.

The Dons’ wages to turnover ratio remains at 51%.

The club’s annual general meeting will take place at Pittodrie on Monday, December 18 at 7pm.

 

Dons chief executive, Duncan Fraser, said: “The 2016-17 season was one of the most successful in recent years. Finishing second in the league for the third successive season and reaching both domestic cup finals reflect the great effort by Derek McInnes and his team of players. It is just disappointing that their exceptional effort did not result in silverware.

“The reshaping of the first team squad during the summer involved a great deal of work with a number of players coming in and out as well as players already here committing their immediate futures to the club.

“The overall turnover increased by almost £2millon, down to the appearance in both domestic cup finals and the net sale proceeds from the transfer of Jonny Hayes to Celtic.”

The Dons secured £3.3 million of additional investment into the club with £2.5million from Dave Cormack and £775,000 from American businessman Tom Crotty.

Aberdeen chairman Stewart Milne said: “In June we welcomed US-based entrepreneur and Aberdonian, Dave Cormack, as a major shareholder. In addition to his investment, Dave brings a wealth of business knowledge, particularly in digital marketing, and an ability to attract American investment. This was demonstrated by Tom Crotty’s recent purchase of new shares – the club’s first ever investment from the US.

“These investments have been achieved because of the strength built up right across the club over recent years, in respect of football, financial, and commercial performance.

“However, if we are to deliver on the significant challenges that lie ahead in terms of sustained planned growth, and delivering the new training and community facilities and stadium at Kingsford, the board recognises that it needs to realign and strengthen the senior management team.

“We have invested considerable financial and management resources into getting the planning application for Kingsford to its current stage, and this remains the most critical aspect of determining the future of our club. This has been frustratingly delayed by around ten months, but we are now in a position of having the most robust case for our plans with a definitive date for a decision by the end of January.”