Dundee United record £1.2m profit

Dundee United chairman Stephen Thompson
Stephen Thompson says player sales will boost the present year's accounts

Dundee United have recorded a net profit of £1.2m for the last financial year and expect players sales to bring another in their next annual accounts.

The figures until June did not include the £2.8m sale of Andrew Robertson to Hull City, or Ryan Gauld's £3m switch to Sporting Lisbon.

United had an operating loss of £114,000, a £14,000 increase from the previous year.

But the net profit - their fourth in five years - was £900,000 more.

Their biggest player sale during that period was Scotland forward Johnny Russell's £750,000 move to Derby County.

The Scottish Premiership club pointed out that the figures to June 2014 include "an exceptional gain" relating to the exit of banking arrangements with the Bank of Scotland.

Chairman Stephen Thompson said: "While pleased to report significant profitability again, the directors recognise that this most recent financial performance was made possible by the arrangements put in place to buy out the bank debt.

"Looking ahead, we expect to record a further profit in the current year as a result of effective player trading, which is an integral part of our strategy to identify, develop and manage young players and provide them with the best opportunities to succeed within the club and the football sector generally.

"This aims to achieve footballing success for Dundee United and the opportunity for players to improve and, where appropriate, enhance their earnings elsewhere."

Revenues increased by 3% to £5.6m, which "reflected improvements in league placing and Scottish Cup income, both of which helped to counter the loss of European participation and the commercial benefits of the Dundee derby matches evident in the prior year figures".

Wages increased to £3.5m from £3.3m, "largely due to improved performance payments".

"As a result of the latter, the wages to turnover ratio increased slightly to 63% from 61%," added the club.

United pointed out that they are currently re-investing a significant part of the profit to the redevelopment of their Gussie Park community facilities opposite Tannadice.

The new centre piece for their youth academy is expected to open in March.