Pompey financial progress lauded
Tony Brown has praised Pompey progress following a fourth-successive operating profit.
However, the club recorded an overall loss of £507,629 for the financial year.
The Blues have released accounts for the year ending June 30, 2017, following their filing at Companies House.
They cover the League Two title-winning season under Paul Cook, although end before Tornante’s August 2017 takeover.
According to the accounts, Pompey made an operating profit of £308,411 during that period.
That represented an increase of £222,460 from the previous year (2016).
In contrast, turnover fell to £7.54m, with the Blues’ lack of cup and play-off home fixtures costing almost £1m.
Depreciation and amortisation costs also had a negative impact, increasing by £229,122 to £816,454.
Although, the sale of Adam Webster and compensation for Cook did bring in £980,606.
Overall, losses marginally rose from £492,214 in 2016 to £507,629.
Pompey chief operating officer Brown told The News: ‘A fourth-consecutive year of operating profits is an extraordinary result in the football business.
‘It really is something for everybody associated with the club in the past five years post-administration to be proud about in terms of the restructuring operation that has taken place.
‘Turnover has fallen primarily because the year before we had such a successful season in terms of cup competitions, with £600,000 revenue.
‘After the takeover, the net asset position was improved by £10m from £4m to £14m, which has provided the foundations for us to continue the re-structuring work to all operations of the club moving forward.’