Shareholders look back on the last financial year
Shrewsbury Town’s annual AGM took place on Thursday morning in the Presidents Suite at the Greenhous Meadow.The club has already spoken about the latest set of accounts which showed a healthy profit which has been used to invest in long term projects such as the redevelopment of the club’s training ground at the Greenhous Meadow.
The AGM was well attended and club chairman Roland Wycherley talked through the accounts with the shareholders who were present as well as taking questions from the floor.
Points to come from the AGM were the reappointment of director James Hughes, the reappointment of auditors Whittingham and Riddell. The option on the training ground has now passed and the land is now an asset of the football club.
The chairman’s statement from the accounts is printed below.
“Business review
The year to June 2016 has certainly has been exceptional with turnover increasing from just under £4m in the previous year to £6.8m in this financial year.
The increase in the main was a result of the sale of players Connor Goldson, Ryan Woods, Harry Lewis and Josh Ginelly. Other main factors were the increase in EFL distribution monies with the Club being promoted to League One as well the fantastic FA cup run which provided not just some fantastic memories for us all but also assisted our TV and Commercial income considerably culminating in the Live TV match at the Greenhous Meadow with Manchester United which was a fantastic night not just for everyone connected with the Club but also for the media exposure for the town too.
The work of the STFC Youth Academy and charity ‘Shrewsbury Town in the Community’ continues to expand and flourish under the stewardships of Andy Jones and Jamie Edwards respectively and we will continue to try and improve as well as expand these departments for the long term benefit of the Football Club and our supporters.
Principal risks and uncertainties
Once again it is important that we do all we can to remain in League One at the end of the 2016-17 season. For the first time in my memory the Club have paid compensation in order to hopefully get the ‘right man’ for the Managers position at the Club long term and we will support Paul ( & Chris) and their staff in every way possible to accomplish our aims.
Financial Key Performance Indicators
It is most pleasing to see the Club record a profit in excess of £1m which as Chairman in my 20th year makes me extremely proud.
Some of these items are exceptional and although we managed to retain our League One status for the 2016-17 season it resulted in the investment by the Board of over £3m in the Football related costs as we strived to remain in League One.
Other comments
I would also like to take this opportunity to thank all staff at the Club for their efforts throughout the year. I would also like to thank our Sponsors for their continued support as well as our fans who continue to support the Club both home and away throughout the season.”