Co-Chairman Ben Boycott has today issued this statement:
"On behalf of myself, my business partners at Trivela Group, and the rest of the Board of Directors, I am pleased to present the Annual Report and Accounts for the year ended 31 May 2023.
In a foundation-building year, the First Team finished in the same position as the prior season in the League 2 table - 16th. This was certainly a disappointing outcome, given where we stood at Christmas. However, we are very hopeful to continue to build on what I view as a very positive summer transfer window, and continue to systematically build the Club on the pitch going forward. This mid-table finish in the League was offset somewhat by a very positive run in the FA Cup, culminating in a home clash against Premier League side Leicester City.
Away from the pitch, this was an extremely eventful year which saw, most notably, the club return to profitability, and crucially exercise its option to acquire the Poundland Bescot Stadium freehold from its previous owner. This represents a landmark event in the Club’s history as it once again is the owner of its own freehold for the first time in over 30-years and as a consequence is the master of its own destiny.
After reporting a £742,000 loss in 2022, I am pleased to report that the Club did indeed return to profitability for the year ended 31 May 2023 with a net profit of £11,000. This positive result was driven by a large increase in revenue, with turnover up to £7.615M - an increase of nearly 20% from 2022.
This increase was driven in particular by higher revenues in ticketing, commercial, retail, and a substantial increase in revenues from our conference and events business, which is slowly but surely rebuilding after being decimated by the Covid-19 pandemic.
This return to profitability was also accomplished whilst funding a much higher technical & playing budget than in the previous season and was assisted by the elimination of the significant rental payment obligations on the stadium.
A series of significant changes on the Balance Sheet and Statement of Changes in Equity can be noted, all related to the Club’s acquisition of the stadium freehold. These include an increase in tangible assets, increases in the share premium account driven by new shares issued during the year, due to equity injection from Trivela, and an increase in long-term liabilities. The increase in long term liabilities includes both a conservative financing package that was secured by the Club from an American financial institution to assist with the stadium acquisition and additional injections of capital from Trivela Group UK to the Club.
Overall, this report should be viewed as a positive reflection what is both a financial and technical foundational year to build on going forward. I’d like to thank my fellow directors, as well as the entire technical and front office staff of Walsall Football Club for their tireless efforts to make these positive results possible.
It is also appropriate at this point in time that I acknowledge the incredible backing the Club has continued to receive from Sponsors and Commercial Partners. In particular, I would like to thank Poundland, NoFo Brew Co., Tile Choice, B.A.T Fabrications, Experienced Energy Solutions, RayGray Snacks, S&S Steelstock Ltd, Jobsworth Recruitment Ltd, Dains Accountants Ltd, HomeServe, SPV Group, Excel Print, Barclays Bank, Leamore Windows, Guardian Support, Bailey & Mackey Ltd, J Haywards & Sons (Walsall) Ltd, Swift Smart Repair, National Car Finder and Brellis Recruitment for their ongoing support.
I would also like to pay tribute to the Walsall FC Foundation Team who continued to deliver services within the local community touching the lives of tens of thousands of local people.
Finally, and most importantly, on behalf of everyone at Walsall Football Club I would like to say a huge thank you to all Supporters who continue to back the Club for their unwavering support."
The full Directors’ Report and Financial Statements are available to download here.
The Annual General Meeting for Shareholders will take place in the 1888 Lounge at the Poundland Bescot Stadium at 09:30am on Monday 19th February 2024.