Portsmouth: Club announce operating profit in first full year

Fratton Park
Portsmouth are currently 14th in League Two with seven games remaining

League Two Portsmouth have announced an operating profit of £118,000 in the first year of trading after emerging from administration.

The published accounts cover the period straight after the club left administration and end in June 2014.

They include a turnover of £6.6 million and gate receipts of £3.4 million.

"These set of accounts give us a fantastic base on which to build on," Pompey's Chief executive, Mark Catlin, told the club website. external-link

After the net interest charges of the loans taken out to purchase the club back in April 2013 were included there was an overall loss of £171,000 for the year.

The League Two club came out of administration in April 2013 and were taken over by a community bid to prevent liquidation.

Pompey adopted austerity measures and were forced to operate without a training ground, a kit deal or commercial agreements, with rebuilding led by suppliers and stakeholders.

"We undertook a substantial restructuring of internal operations, as well as managing the £14m legacy debt, which was reduced to £5m at the year-end and then fully repaid two years ahead of schedule in September 2014," finance director Tony Brown said.

"The rebuilding process has continued this year, with the building of a new training ground, improvements to the stadium, with the aim of securing solid foundations to enable the sustainable growth of the club," he added.