Cobblers post significantly increased losses despite record turnover in annual accounts
Cobblers have recorded increased losses of £2,030,615 in their annual set of accounts for the year ending June 2024.
This compares to £1,031,113 lost the previous year. The club posted a record turnover of £6,736,659 in 2023/24, a jump of around 31 per cent on the previous year. Notable increases in turnover were achieved through ticket income, which grew by 29.5 per cent, and by bringing the retail operation in house. EFL and Premier League Distributions also rose following promotion to League One.
Total costs increased by 26.8 per cent compared to the previous season, including a 45.9 per cent increase in the playing budget. The losses for 2023/24 and 2022/23 excluding player trading were very similar.
The accounts stated: “Due to the increase in attendances and when factoring in high inflation and significant increases in the National Minimum Wage during the year, the cost of sales associated to the provision of matchdays including stewarding, medical and catering staff increased significantly.”
It added: “As stated in the going concern note within these financial statements, the owners continue to support the club financially. This support takes the form of meeting the club’s trading financial obligations, investment into a competitive playing budget, the academy and the capital projects and ground improvements. No interest is charged on these loans.”
The accounts also confirmed the appointments of new directors Jim Rosenthal and Nigel Le Quesne, who purchased a 25 per cent share in the club’s holding company. Tom Cliffe was re-elected as the supporters’ elected director
A club statement said: “Northampton Town Football Club have filed the club's annual report and financial statements for the year ended 30th June 2024.
“Following promotion to League One, the club achieved a record turnover of over £6.7 million in this period, an increase of around 31 per cent based on the previous year, while the playing budget increased by 45.9 per cent in 2023/24 compared to the 2022/23 season.
“The year also saw the club achieve its highest average home league attendance for 56 years, recording a 50 per cent increase over the last decade, while construction work began on the new LCS Stand, which saw a phased opening commence recently ahead of schedule. This was also the first full season using the club's new training centre at Moulton.
“The directors annual review of the business includes a detailed commentary on key events during the period as well as the financial statements. Pre player-trading, the club's losses were at a similar level to the 2022/23 season.”