FC Halifax Town announce “controlled loss” in financial results for 2017-18

FC Halifax Town
FC Halifax Town

FC Halifax Town have reported a loss of £159,757 for the 2017-18 financial year.

In a statement on their website, the club said a controlled loss was planned for the 2017-18 season, given significant cost increases following promotion back to the National League, including playing budget, match day costs, travelling, overnight accommodation and various other expenses.

It is the first time the club has posted a loss since 2009-10, bringing to an end seven years of making an annual profit.

The club said that the board recognised the need to utilise some of the £331,767 of reserves they had accumulated, and were operating within a planned loss of £150,000, but additional costs meant that was exceeded.

The club said there were additional costs in settlements for previous manager Billy Heath and his assistant Mark Carroll, and additional small investment in the playing budget for replacement boss Jamie Fullarton.

The club added that “the new appointment secured our status in the National League for another season, after it might have been in jeopardy”.

The statement concludes that “the board is committed to the ongoing prudent financial management of the club , utilising both reserves (currently £172,009) and investment going forward”.