Newport County AFC can confirm a pre-tax profit of £25,060 for the financial year ending June 30, 2024, in its latest accounts.
This follows a loss of £913,306 for the previous year (June 30, 2023) and £1.231m for the financial year ending June 30, 2022.
Turnover for the year was up to £4.588m compared to £3.463m the previous year, with operating costs at £4.563m compared to £4.382m in 2023.
Matchday income and commercial revenue combined increased from £1,415m (2023) to £2,011m (2024).
The financial statements relate to the 23-24 season and the majority takeover of the club by Huw Jenkins OBE who purchased 52 per cent of the club from the Supporters Trust (27%) in January 2024 for £500,000, a figure that is included in the accounts. It came at a difficult trading time for the club with its future in serious doubt.
It also included a memorable FA Cup run that saw Manchester United visit Rodney Parade in the fourth round, which provided a vital financial boost and positive publicity for the club.
For clarity, the accounts do not include compensation for the departure of manager Graham Coughlan and assistant Joe Dunne, or the sale of Will Evans to Mansfield Town.
Huw Jenkins said: “After two very difficult trading years, we are slowly seeing some light moving forward which is encouraging for everyone connected to the club. It’s also some small reward for all the hard work and commitment shown by staff and volunteers that work tirelessly for our club.
“While we have also cleared a substantial amount of aged debt, there is still a great deal of work to do to ensure the club achieves financial stability and sustainability for future generations of our supporters.
“Fixed costs remain extremely high for a League Two club and additional Director loans have since been injected to ease cashflow. Lack of training facilities is also a constant issue and will have to be addressed moving forward, especially as future profitability remains in the balance without on-pitch success, player trading and increased commercial revenue.
“While there is still a lot of work to do on and off the pitch to achieve sustainability, the club has been encouraged by the progress already made, including an increase in season ticket and matchday sales, commercial revenue, and cost control savings via strict accounting processes.
“The Board would like to place on record its thanks for the ongoing support it receives from the Supporters Trust, commercial partners and its loyal supporters.”
The accounts will be posted on Companies House within the next few weeks.