Dunfermline set to post first profit in more than two decades

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BY IAIN COLLIN – @CCP_sport

DUNFERMLINE are poised to announce they have made a profit for the first time in over two decades.

The Pars stormed their way to the League One title and promotion back to the Championship this season after three painful years in the third-tier, and their on-field success has been matched off it.

The East End Park outfit descended into administration in April 2013 with huge debts but were saved from liquidation by fans’ group Pars United.

East End Park

Last year’s financial results, the first since the club exited administration, showed a loss of around £330,000 and, with Pars United dipping into their cash reserves, chairman Bob Garmory confessed the Fifers would have to be ‘particularly cautious’ this season.

However, with Allan Johnston’s side doing so well on the pitch, and bringing the crowds flooding back to watch home matches, Dunfermline have been able to more than balance their books and can look forward to promotion with optimism.

Managing director Ross McArthur said in a statement on www.dafc.co.uk: “After a difficult trading year ending 31 May 2015, it is pleasing to report that, with three weeks to go until the end of this current financial year, it is anticipated that our club will make a small trading profit.

“For a full-time club of our size, competing in the third tier of Scottish Football for the third consecutive season, with an elite under-20s team and making the major contribution to the Fife elite youth academy, (it) is a remarkable achievement.

“It is also important to remember the context of this, as the club has not made a trading profit in the last 20 years!

Fans

“Our income this season has benefited firstly from a successful, winning team but ultimately the loyalty of our supporters and sponsors. Our income from commercial activities, season tickets, retail, and hospitality activities have all exceeded our budget.

“We also expect to finish this season with a slightly increased six-figure cash balance in our holding company, Pars United CIC, which again represents a fantastic closing position from where we were last year.

“It is vitally important moving forward that we continue to build up the capital reserves on our balance sheets, as our club has no further means of borrowing or raising capital other than through new equity or donations.

“It is so important for all of us on the DAFC board to demonstrate clearly to our supporters that we are managing your club diligently and prudently, and are doing our best to protect the very many ‘investments’ you make in our club.

“As a club, we continue to carry out our business in an honourable way; paying our employees, HMRC and our suppliers in full and on time. Integrity and respect, alongside dignity and humility, are important characteristics of our new DAFC.”

@IainCollin

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