HEREFORD FC have made a profit of around £120,000 for the tax year 2023/24, the club has revealed.
The club state that prior to the last financial year the club was in a ‘perilous position financially’ with their reserves reduced to £5,000.
However, a increase in season ticket, match tickets and bar, club shop revenue and commercial sales have all contributed towards the club turning their financial position around.
Hereford state that a ‘key driver’ in their profit has been the improved on-field performances by Paul Caddis’ side.
Hereford chairman Chris Ammonds told the club’s website: “While on paper the profit may seem an exciting figure, I need to remind people that last summer our reserves were down to around £5,000, a truly desperate situation for a business of our size.
“The majority of the profit made in 2023/24 will be ringfenced to rebuild our reserves because we cannot put ourselves in a position where we do not have money available to cover the costs of an unforeseen issue with the infrastructure at Edgar Street – which is always possible given the age of the ground – or a situation where our income is reduced for any lengthy period.
“It goes without saying that this would put our club’s very existence in grave danger.
“Pleasingly, from an on-field point of view, the improved financial performance and projected profit allowed us to strategically increase the playing budget and improve the squad during the course of the 2023/24 season and also improve the initial football budget for the 2024/25 season by 15%.”
Hereford have highlighted expenditure needed to Edgar Street which includes replacing the roof on the Merton Stand and RE Resource Hereford Suite.
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