Reply With QuoteMcInnes got a wage rise again so that would certainly eat into the £600,000 figure in point 2.
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I have now had a chance to look at the Financial Statements issued last week and for those interested here are what I think were the main highlights. These cover season 17/18.
1. The statement on the website about making a small profit pre amortisation, whilst true is pretty misleading. We actually made a £438K loss in the year. The profit of £85K quoted by AFC is before £841K of player amortisation costs (see point 2 below) and £319K profit from selling players (McLean/Stockley).
2. The most surprising figure to me was we spent £1.3M on “payments to acquire players registrations”. This includes transfer fees and signing on fees. If you believe what was reported we spent transfer fees on May (£400K), GMS (£200K) and Cosgrove (2 bags of salt and vinegar crisps). We may have paid Hamilton a modest amount to release Devlin early from his contract but that means we must have spent more than £600K on signing on fees, which seems like a remarkable amount of money. It’s not clear if this is just on the new signings or that also covers contract renewals like McKenna. Whilst the cost of the transfer fees are spread over a number of years in the accounts (over the length of contract) signing on fees are expensed right away hence why there was a huge increase in player amortisation costs from £170K (16/17) to £840K (17/18). The J Hayes Esq transfer fee being spent I guess.
3. Turnover basically the same as the previous year. Most categories of income were a bit down on prior years offset by higher income from sponsorship/advertising/commercial. The lower gate money/TV money/UEFA money due to a lower number of cup games (one less in Europe plus papped out of cups earlier).
4. Average league attendances rose from 15,300 to 15,800 but this was insufficient to offset the aforementioned lower number of cup games.
5. As was flagged up at the recent DNA evening wages costs rose from £7.8M to £8.6M.
6. Highest paid Director was paid £360K (Fraser?). Does a company with only £15M of sales really need to be spending £360K on one back-office employee?
7. Spent £900K on training facilities so obviously huge majority of spend to be incurred in 18/19.
8. Resolution to be passed at AGM to issue £1.5M of new shares post AGM to help fund the training facility. Doesn’t say who will buy but you would imagine it will be Cormack/Crotty again.
9. Still debt free but cash in bank down by £1.4M to a balance of £1.3M after spending the Hayes money on new players/signing fees, starting the training facility offset by cash raised from shareholders in 17/18.
So overall the poorest set of financial results in the last five years as measured by profit or loss but personally I have no problem with over-spending in one year to offset under-spending in prior years. Just a pity we did not get value for money for our single biggest investment (May).
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McInnes got a wage rise again so that would certainly eat into the £600,000 figure in point 2.
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6. Highest paid Director was paid £360K (Fraser?). Does a company with only £15M of sales really need to be spending £360K on one back-office employee
probably the new sales guy(commercial director) , bonuses etc (for raking in the DNA cash initiative) ridiculous amount if that's the case.
What exactly does Fraser do ., probably not worth 20K
just guessing like
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I’d have thought the £360k would be McInnes. Just can’t see us paying someone like Fraser that amount. As you say a £15m turnover business could not justify that for a CEO role.Originally Posted by Jussi
The other point missed is the loan fees we’d have been paying which would be part of the player registrations figures.
You don’t get loan players for free - generally there’s a loan fee involved and I’d imagine Christe and Stewart did not come cheap for a start.
Not bad figures but not great overall. Away to get a lot worse with the Alford neep dome to pay for though...
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Wicks wasn't employed until March 2018 (so only 4 months salary) and McInnes is not a Director so that's why I think it must be Fraser who is highest paid Director.
I had forgotten about loan fees so that would probably make up part of the £600K
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Interesting that people use the wage gap as an excuse v the pigs all the time. Including our manager.
Yet a team who we are almost three times higher payers than are the only team to put 3 past us in 2018(three times in two season too)
Anyone can beat anyone if they set their mind to it
Last edited by Pacman1903; 28-11-2018 at 11:01 AM.
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I genuinely do not know if that is audited accounts PAC, if it is, hat doffed to Livingston......regarding our wages I would imagine loan fees probably come into account, however, I could not really give a f uck come Sunday 3pm.
Interesting that people use the wage gap as an excuse v the pigs all the time. Including our manager.
Yet a team who we are almost three times higher payers than are the only team to put 3 past us in 2018(three times in two season too)
Anyone can beat anyone if they set their mind to it
In most leagues it tends to be the chairmen/directors that dictate who gets the cream at the top......that is evident in non league/junior level also
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Probably because some folk are so dense that they need to be reminded about it
Interesting that people use the wage gap as an excuse v the pigs all the time. Including our manager.
Yet a team who we are almost three times higher payers than are the only team to put 3 past us in 2018(three times in two season too)
Anyone can beat anyone if they set their mind to it
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Its just an excuse for failure
Young Boys beat Basel to the league last season. Basels wealth was more than the rest of tje league combined and signed players for multi millions. YB still did it and are pissing it this season too. But thats over a season. We have beaten Celtic once in, 2 and a half(almost seasons). Must be the wage gap
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That's really an obscene amount for anyone to take from our club, all things considered.
No justification for that level , should be named - if club were really transparent IMO
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