Falkirk increase turnover, but report loss

Falkirk have released their 2016-17 financial figures.
Falkirk have released their 2016-17 financial figures.

Falkirk reported an operating loss of more than double the previous season’s figure – despite a 50 per cent increase in the club’s gross profits.

Shareholders received the club’s financial report ahead of the annual general meeting on November 27, which will detail a loss of £302,991 between June 2016 and the end of May this year.

Falkirk FC directors. Picture Michael Gillen.

Falkirk FC directors. Picture Michael Gillen.

During that time the Bairns had disappointing fortunes in cup competitions, but succeeded in reaching the SPFL Championship play-offs for the second consecutive time though did not organise a music event in the close season covered by the papers.

By comparison the loss in 2016 was £130,020 which followed ‘the perfect storm’ of positive profits of £1.2m the previous year.

However the club’s turnover has actually increased, and gross profit was up year on year from £88,023 to £134,427.

Increased outgoings included a contribution of almost £29,000 to south stand renovations and an increase of rent for the stand itself. The Bairns paid the South Stand Development Company £72,729 – £12,729 more than last year.

Cash at bank was also down year on year in May, from £561,126 in 2016 to £456,284.

Shareholders will be asked to accept the figures at the AGM in the Westfield Lounge on Monday, November 27.

They will also be asked to re-elect former chairman Doug Henderson as a director following his initial three-year tenure on the club’s board.

Mr Henderson prompted controversy by releasing a personal statement on Brexit negotiations on the club website earlier this year and stood aside as chairman in June citing demands from his business interests and travel requirmenets.

He was replaced by Margaret Lang who took over as chairman in the summer.

The meeting will also be asked to vote on formally appointing Kieran Koszary as a company director.