£2.6 Million Profit For U`s
Colchester United have announced an all-time record profit for the 2006/7 campeign, off the back of their successful first season in the Championship.The news comes in the same month as United smashed the transfer record at least twice during the last window, signing four players.
The Evening Gazette and East Anglain Daily Times newspapers both gave a good summary of the impressive profit rise, comparing it favourably to the 2006 figure of just £18,633. The figures also showed that the amount of spare cash was most highly subsidised by the U`s high-profile outgoing dealings in the transfer market, although increased season-ticket sales and gate receipts in general, helped.
Therefore it is a relief to fans that the money left over at the end of the financial period has been wisely invested by the club in the new personal that manager Geraint Williams believes will mean avoiding a first relegation since 1990.
The EADT also gave the following summary of the account showings:
Season ticket holders grew from 1,800, in the promotion-winning season of 2005-06, to 3,500 for the club's first ever campaign in the second tier of the Football League. The revenue from season tickets more than doubled.
Attendances also rose, with the U's regularly attracting gates around the 6,000 mark.
But it was the income generated from transfers that was the biggest contributor to last term's profit margin, and more specifically the club record £2.5m banked for the sale of Greg Halford to Reading just over a year ago.
The U's also benefited from the compensation package received from Hull City for manager Phil Parkinson's departure to Humberside, while he was still under contract with United. That figure was around the £400,000 mark.
In the same article, club Chief Executive Marie Partner warned fans not to get carried away with the new figures, although it has emerged today that the Essex outfit will be exploring the loan market with a view to adding yet more faces in the squad.
"Stewarding costs are... going to double at the new ground. We have to finance the travel plans for supporters, with the new park-and-ride scheme, which is something that we haven't done before. We also have to bear a lot of other hidden costs, like all the signage for a five-mile radius around the ground," Partner explained.
Manager Geraint Williams was openly delighted with the figures.
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