Raith Rovers have announced another pleasing set of accounts with the club returning a sizeable profit for the second year running.
The accounts for the year ended June 30, 2014 show a profit of £97,499 – almost a 20 per cent increase on the previous year’s takings of £81,350.
This was achieved through an increase in turnover of 23.7 per cent, up to £1.29m, and despite increased costs, which included additional expenditure of £75,000 incurred in close season 2014 on improvements to stadium infrastructure and maintenance.
A statement issued by the board of directors read: “As last year, the improved trading position has been principally achieved by the continuation of the business model introduced by the board three years ago.
“As in any organisation, financial changes and improvements take time to be realised and it is encouraging to see results continuing in the right direction.
“Obviously the year’s results were enhanced by a good run in the Scottish Cup and, of course, the Ramsdens Cup Final. All of the club’s staff must be congratulated for these achievements.”
The club’s balance sheet also continues to improve with zero bank debt and all liabilities for taxes and suppliers fully up to date at the year end.
As at June 30 only loans from directors of £88,000, and inter company debts totalling £338,000 remained outstanding.
The statement added that is “essential that we maintain close supervision of costs in order to further improve the Club’s financial position”.
Rovers anticipate receiving additional income from the current season due to the inclusion of Hearts, Hibs and Rangers in the Championship, however the board warned that the year will still be a financial challenge.
“Additional amounts were allocated to the playing budget but we have experienced a dramatic number of injuries in the first few weeks of the season,” the statement added.
“The 2014/15 budget for medical costs has already been substantially breached and additional costs have been incurred in behind the scenes infrastructure.
“The board will, of course, continue to maintain tight control over expenditure in order to consolidate the business model.”