Swindon Town Football Club have today released a detailed overview of their accounts for the 2021/2022 financial year.
The document, which provides a breakdown of figures relating to areas such as operating costs, sales, administrative expenses and profits, covers the period of June 2021 to May 2022.
This financial year represents 10 months of Clem Morfuni’s ownership, and shows an increase in turnover of £6.4million, with the club recording an overall profit of £158,000.
Both our profit and turnover was boosted significantly by the revenue earned from last season’s FA Cup run, with us reaching the third round of the competition and drawing Premier League side Manchester City at the County Ground.
The club’s overall debts have been reduced from £7.1million down to £4.3million, with Clem Morfuni providing the funds to pay off the remaining deficit.
Amounts owed to HM Revenue and Customs are also down and currently stand at £680,000, with the financial position of the club continuing to strengthen.
Chief Financial Officer, Greg Norman, said: “This is the first time the football club has disclosed its accounts in full, as we continue to be as open and transparent as we can.
“Although we are pleased with the significant progress that’s been made since Clem took over, it’s important to note there is still a lot to do to repair our finances.
“Without the boost of an FA Cup run this season, we would have made a loss, which illustrates the challenges we face in running a financially sustainable football club.
“This further highlights why the support of our fans in buying match and season tickets, merchandise and food, as well as the commercial revenue we generate from our respective sponsors and partners is vital, as we continue to work closely with Clem to build strong financial foundations for a brighter future.
“Fans have played a huge part in helping us get to where we are now, and I’d like to take this opportunity to thank them for their continued support, and hope they’ll keep backing us both on and off the pitch.”