Preston North End report a £7.7m loss during the 2019/20 financial year

Preston North End made a loss of £7.7m in the financial year ending June 2020.

Thursday, 11th March 2021, 12:16 pm
Updated Thursday, 11th March 2021, 12:24 pm

The figures, registered with Companies House, showed a drop in turnover to £12.6m from £13.8m the previous year, that largely due to the loss of ticket revenue due to the pandemic.

Deepdale last opened its doors to fans on March 7 last year, hence no money coming through the turnstiles for the remainder of March, April and May.

The fact football has been played behind closed doors all of the 2021/21 season will be reflected in next year's figures.

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Preston North End's Deepdale ground

North End paid out £17.9m in wages and salaries in the financial year, up from £17.2m the previous year - that includes players, management and coaching staff, and all employees.

The financial report shows that in 2019/20, North End owner Trevor Hemmings injected £7.8m into the club via share issues through Deepdale PNE Holdings Limited - it holds 100% of shares in the company.

That number will be significantly higher in next year's figures to reflect the money being put in my Hemmings to cover the lack of revenue from crowds.

North End received £7m from the Premier League and EFL in solidarity payments and live games revenue, a drop from £7.5m the previous year.

The net gain on sale of player registrations was £7m, the big sale of the period covered by these figures being that of Callum Robinson to Sheffield United in July 2019.

Season ticket and match day ticket sales brought in £2.9m, down from £3.5m the year before.

In his strategic report contained within the financial report, PNE director Kevin Abbott wrote: "Turnover for the year was £12.6m which was lower than the previous year (2019: £13.8m)), mainly due to reduced gate receipts as a result of Covid-19, together with reductions in central distributions from the English Football League and Premier League which are reflected in turnover as matches are played.

"There were seven fewer matches played in the financial year to June 30, 2020 than in the year to June 30 2019 due to Covid-19.

"Average attendances for the 19 matches played with crowds in attendance in the 2019/20 season, were 13,577 compared to 14,153 for 2108/19.

"Season ticket numbers were 8,385 in 2019/20 compared to 8,453 holders for 2108/19.

"Operating cash flow continues to be adverse as the club has contracted a squad with wages which are high in comparison to its revenue.

"The company has therefore been reliant on the financial support of its shareholder."

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