Profits recorded despite damaging Covid-19 crisis
Player sales have put £259,000 into Blues’ coffers
PLAYER SALES have enabled Pompey to record a £259,950 profit.
The Blues have released accounts for the year ending June 30, 2020, following their filing at Companies House.
Due to coronavirus, there has been a drop of £294,728 in turnover on the previous year – yet £2.23m was injected into Fratton Park’s coffers through profit on transfer fees received.
That was driven by Jamal Lowe’s sale to Wigan in August 2019.
It is believed Pompey made circa £2m from the deal, which also included a sell-on fee to Hampton & Richmond.
The figure of £2,236,360 also includes around £75,000 in a sell-on for Conor Chaplin (Barnsley), and the departures of Anton Walkes (Atlanta United), Louis Dennis (Leyton Orient) and Leon Maloney (FC Volendam).
Over the same period, the club spent transfer fees on John Marquis, Marcus Harness and Reeco HackettFairchild, totalling £2.3m, which also includes agent costs.
Turnover fell to £11.28m, although the curtailment of the 2019-20 campaign deprived Pompey of four Fratton Park matches – plus a fixture short following the liquidation of Bury.
However, there were increases in income from sponsors and partners, which totalled £1.12m, while Football League money received, which includes cup prize money, came in at £2.27m.
In addition, revenue from TV broadcasts almost doubled, reaching £984,327.
That figure took into account televised FA Cup games against Arsenal and Harrogate Town, and Carabao Cup clashes with Southampton and Birmingham.
Meanwhile, employee wages and salaries rose by £504,573 to reach £7.18m, reflecting an increase to 46 playing staff (from 43) and 73 office staff (from 70).
It also includes the salary of John Marquis, who was recruited from Doncaster for £1m and inevitably catapulted himself among the Blues’ top earners.
Elsewhere, £2m was withdrawn from the owners’ investment fund to assist with the management of the business.
Tornante deposited £10m alongside their August 2017 purchase of Pompey from fan ownership.
A total of £4m remained at June 30, 2020, which will prove crucial in plugging huge anticipated losses in this current season with nearly all games played behind closed doors.
Finally, accounts reveal that an interest-free loan of £300,000 had been given to Pompey in the Community.
The agreement was reached to help the award-winning charity arm of the Blues, although it is not scheduled to be repaid until February 2030.
Previously, Pompey’s accounts for the 12 months up to June 30, 2019, showed a profit of £2.05m.