Grimsby Town publish their Financial Statements for the year ending 31 May 2023.
After a roller-coaster season ending in June 2022 with promotion back to the English Football League, these accounts cover the club’s first year back in Sky Bet League Two and include revenue from the record-breaking FA Cup run to the quarter finals at the Amex Stadium, Brighton.
In the financial year to May 2023, £1.41m of revenue generated from the FA Cup run and player sales helped increase turnover by 53% to £6.81m, resulting in a profit before tax of £245k.
Football expenditure increased by around £1m to £4.52m. Around 88% of football expenditure relates to staff wages and for every £1 of turnover generated 59p is spent on wage costs. This has reduced from 69p in the previous year due to the extra revenue generated by the FA Cup run and player sales.
£293k of income was received from the sale of players and £114k was spent on transfer fees bringing new players to Blundell Park.
In total 129,735 home supporters visited Blundell Park in 22/23 which is a figure only beaten once in the last 30 years. In total £1.28m of income was generated from the sale of 5,754 season tickets and to put this into comparison, just 3,470 season tickets were sold following the 1997/98 double Wembley season.
A further £398k was invested in infrastructure projects and at 31 May 2023 there was £523k of cash in hand. In addition, the final instalments of debt to John Fenty were repaid in the year.
Mariners Chair, Jason Stockwood, said, “The financial results to 31 May 2023 demonstrate the importance to lower league clubs of cup runs or player trading. It is our aim to create a sustainable community led model and we will continue to develop new streams of revenue and search for investors with shared values and social/ community thinking whilst ensuring that the football operations budget is competitive.”
1878 Partners (which is owned by Jason Stockwood and Andrew Pettit) has also indicated a willingness to convert its current interest free shareholder loans of just over £3m into new shares in the club. This will require a number of minor amendments to the articles of association of the club which will require approval by shareholders at an EGM. Company shareholders will soon be updated about the proposed changes and the date of the EGM.
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You can access the financial statements by clicking here.
UTM
