HEREFORD FC are expecting to record a loss of around £45,000 for the last financial year – despite their FA Cup heroics.
The club announced that the club made around £81,000 (net) from their televised FA Cup second round clash against Portsmouth – but still expect to make a substantial loss in the 2022/23 financial year.
Chairman Chris Ammonds said the loss was due to ‘additional money being added to the playing budget after the FA Cup run, increased administration staff costs, a significant rise in general costs (including utility bills) and lower than expected crowds in the second half of the season’.
The club recorded losses of £305,000 for the previous two years.
However, the Bulls state that for the ongoing financial year they predict a profit of between £45,000 and £50,000.
Ammonds told the club’s website: “Clearly it is disappointing to have to announce a loss for the last financial year, but I would like to reassure shareholders and supporters that action has been taken to address this issue.
“Firstly, the budget for the players and coaching staff for this season was reduced by 20% for this campaign, with a limit placed on how much of the budget could be spent on non-playing staff.
“While this was clearly not ideal, thanks to the generosity of supporters donating to SquadBuilder, and the money raised through the Aston Villa pre-season friendly and player sales, this budget has been boosted significantly since.”
“In addition to reducing this budget, in the past two months we have reviewed all our costs and the outcome of that has seen us implement efficiencies which should save over £30,000 across the whole year.
“While there is no hiding from the fact it is disappointing to have to announce this loss, and that the club currently has no reserves.”
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