HEREFORD United are in the black for the fourth successive year, shareholders heard at the club's annual meeting at the Three Counties Hotel, writes RICHARD PRIME.

Director Hugh Brooks presented the accounts which revealed a profit of £162,190.

"The profit is significant," said Brooks. "It is the fourth year in succession that we have made a profit and profits total around £750,000 during that time.

"Our profit and loss account is now down to a deficit of £662,000. At its peak, it was around £1.5m and there is no reason to think that we are not going to continue making progress to bring the company into positive territory."

On their first season back in league football, the club's turnover showed an increase of around 60% with the wage bill, which represented a substantial part in the increased cost of sales, up by £250,000.

Brooks reported that, for the first time in several seasons, the club would have a liability of £2,024 for corporation tax.

"This is on interest received during the period and is not avoidable," said Brooks.

Shareholder Lionel Meredith congratulated the board of directors on the accounts, a sentiment backed by the meeting which was attended by around 20 shareholders in addition to the directors.

Brooks and chairman Graham Turner were re-elected to the board on the rotation system.

Turner thanked sponsors and supporters for their contribution during the year.

"And to all our staff, both playing and non-playing, a big thank-you," he said.

The business of the club's 60th annual meeting was transacted in just 11 minutes.