Pilgrims reveal significant loss as Covid reality bites
Concerns over Stanley’s pitch as snow and freezing temperatures hit the north west
PLYMOUTH Argyle made a significantly smaller loss in the 2019/20 season than in the previous campaign despite the impact of the coronavirus pandemic.
Their revenues increased by around six per cent to £7 million, even though the season was ended early due to Covid-19.
There was £1.1m of transfer income, which included a substantial sell-on fee when striker Sam Gallagher moved from Southampton to Championship club Blackburn Rovers.
The club’s fixed assets increased from £8.2m in 2018/19 to £12.7m, following the completion of the £7.7m Mayflower Grandstand redevelopment.
Average attendances also went up by around four per cent, despite relegation from League One the previous season.
That all contributed to a post-tax loss of £700,000 compared to £2.4m for 2018/19, while the overall picture of the financial health of the club was a positive one.
All this information was contained in Argyle’s annual report for the year ended June 30, 2020, which was filed at Companies House today.
Argyle owner Simon Hallett invested an additional £3.5m in June 2020 to protect the club against the financial fall-out from the pandemic.
Initially in the form of a short-term loan, that was converted into shares post June 30, 2020.
Argyle are therefore almost debt free and still on target to achieve their aim of being a sustainable Championship club by 2024.
Club head of finance David Ray has written to the Green Army to explain details of the annual report and said that Argyle had ‘weathered the storm of the pandemic very well.’
Under a section called ‘What does the future hold?’ Ray said: “We will continue to work towards our mission and will maintain the excellent progress we have made to date on our journey towards financial sustainability.
“Success on the field and stable finances are a recipe for lasting success for our club.
“Simon has supported the club generously throughout the past few years, and this generosity has provided the club with a good financial platform upon which to build. This is certainly the strongest opportunity the club has had in many years to create sustainable success.
“The club has weathered the storm of the pandemic very well. Simon’s recent cash injection, along with the support of the Green Army, gives us resources for the future and the breathing room to recover fully from the absence of fans at Home Park during the 2020/21 season.”
“Our resources will be used to build a long-term platform for success, investing in infrastructure (both physical and human) that will have a long-term pay off.
“In the meantime, we will compete by being smarter about how we use our resources. We will put good decision-making at the heart of everything we do at the club, both on and off the pitch.
“I look forward to seeing you all back at Home Park soon. Thank you for your continued support.”
Wages for Argyle’s playing squad and management fell from £3.3m in 2018.19 to £2.9m last season following relegation from League One.
The club were mindful of maintaining a competitive budget for League Two, despite the reduced revenues of playing at at lower level of the EFL.
Revenues in 2019/20 increased by around £400,000, largely due to strong retail performance, income from hospitality and events in the Mayflower Grandstand and enhanced sponsorship deals.
Unlike the previous season, when Argyle received no transfer income, they generated over £1.1m last term.
In addition to the sell-on for Gallagher, who started his career in the youth ranks at the club, the Pilgrims also sold striker Freddie Ladapo to Championship club Rotherham United for £400,000.
The annual report also reveals that Argyle received £500,000 from the government’s Coronavirus Job Retention Scheme between the period of March and June 2020.
That was when most of their staff, including the playing squad, were placed on furlough following the curtailment of the season.
The club took the decision to top up the 80 per cent provided by the scheme to protect staff and their families.
ACCRINGTON Stanley are working to make sure their rearranged League One game against Plymouth Argyle at the Wham Stadium this evening survives the winter freeze.
The kick-off has already been brought forward from 7pm to 5.30pm because of the forecast of sub-zero temperatures.
Frequent show showers are also expected in east Lancashire over the early part of this week.
Covers were put on the pitch immediately after the final whistle of Accrington’s 0-0 draw against Northampton Town on Saturday.
They remained on until Monday morning, when they were removed for a short period to allow some sunshine onto the playing surface.
The covers were then put back on ahead of the match, which was originally scheduled for October 31 but was called off due to a Covid-19 outbreak among Accrington players and staff.
Both promotion-chasing Stanley and Argyle will want the game to go ahead if at all possible to avoid further fixture congestion. The Pilgrims have 20 games to play between now and the end of the season on May 8.
It is even worse for Accrington, who only reached the midway point of their campaign when they drew with Northampton.
John Coleman’s Stanley have already played on each of the last three Tuesday nights.
They are scheduled to have games on the next six Tuesdays as well, starting against Argyle.
Lowe was at the Wham Stadium last week when Accrington thrashed Bristol Rovers 6-1.
That came three days after Accrington drew 2-2 with Argyle at Home Park, when the Pilgrims twice came from behind to pick up a point.
Light snow showers and a gentle breeze, with a temperature of minusone degrees is forecast for Accrington at 5pm. Lowe said: “With the weather, there is not much we can do. Accrington are trying their best.
“If the game is on, great, we will lock horns again. We want the game on, we don’t want any called off.
“We don’t want to be be playing catch up. We have got concerns about the game but it depends on the weather.
“If the weather is kind to us then the game will be fine, but if it’s not I’m sure we will know pretty soon because we have got to travel.
“We will do the right things, we will still plan. We will see what the weather forecast brings.”
Lowe gave his players a day off on Sunday, following the 2-2 draw against Portsmouth at Fratton Park the previous afternoon.
The Argyle squad were then travelling to the north-west of England yesterday, stopping off on their way to train.
Snow had to be cleared off the pitch at the Wham Stadium before their game against Bristol Rovers went ahead.
Lowe said: “It was supposed to be a seven o’clock kick-off and then they pushed it back to half-seven to get the snow off. The manager and everyone was on there.
“If it’s freezing, if it’s icy, I’m sure we will get the heads up early doors so we can plan to do something on the Tuesday if that’s the case.
“But, again, we are full of confidence and playing some good football. We want to go there and lock horns again with Accrington.”
Eighth-placed Stanley are two points outside the play-off positions and have played fewer games - as many as four compared to Charlton Athletic - than six of the seven sides above them.