Raith accounts show losses of £162,000

KIRKCALDY; Starks Park; MCDERMID STAND Promo pic for 1st league game of the season Photo ; WALTER NEILSON

Published on 09/08/2012 14:29

RAITH Rovers have announced financial losses of £162,000 for the year to June 30, 2011.

The club has blamed the figures on reduced income due to the economic recession, and results-based bonus payments that were higher than had been budgeted for.

The deficit, which followed a season that saw the club finish as runners-up in division one, was widely expected and led to sweeping cuts last summer.

The club’s balance sheet also shows a £1.4m debt, although it stressed that £1.2m of that simply stems from “intercompany funding from our holding companies” which is intended to capitalise over the next few years following the increase in authorised share capital, approved by shareholders in 2010.

A club statement read: “Shareholders and supporters will be aware that the board required to take appropriate corrective action last season, in order to prevent recurrence of this size of trading deficit and further re-alignment of projected income to expenditure has taken place during this close season.

“Whilst the new manager, Grant Murray, does have a lower budget than last season, the board has focused its efforts to ensure that we maximise revenue streams.

“We have done this by measures such as reviewing and restricting the issue of complimentary tickets, upgrading and refurbishing our main hospitality area to create a much more attractive venue for match day hospitality and other non-match day events, as well as revising our season ticket offerings, which has already resulted in an almost doubling of numbers from last season.

“Other income generating opportunities are being actively pursued as the season gets under way.

“There is a considerably more stable platform now than there was 12 months ago although there are still challenges remaining but, with the support of all stakeholders, the board is committed to taking the club forward in a responsible manner in what will continue to be difficult trading conditions.”

Sport

Looking for...

Featured advertisers

Jobs

Search for a job

Motors

Search for a car

Make Model Price from Price to

Property

Search for a house

Buy Rent

Bedrooms Price from Price from Price to Price to

What is a Cookie?
What is a Flash Cookie?
Can I opt out of receiving Cookies?
About our Cookies

Cookies are small data files which are sent to your browser (Internet Explorer, Firefox, Chrome etc) from a website you visit. They are stored on your electronic device.
This is a type of cookie which is collected by Adobe Flash media player (it is also called a Local Shared Object) - a piece of software you may already have on your electronic device to help you watch online videos and listen to podcasts.
Yes there are a number of options available, you can set your browser either to reject all cookies, to allow only "trusted" sites to set them, or to only accept them from the site you are currently on.

However, please note - if you block/delete all cookies, some features of our websites, such as remembering your login details, or the site branding for your local newspaper may not function as a result.
The types of cookies we, our ad network and technology partners use are listed below:
- Revenue Science ►
  
  A tool used by some of our advertisers to target adverts to you based on pages you have visited in the past. To opt out of this type of targeting you can visit the 'Your Online Choices' website by clicking here.
- Google Ads ►
  
  Our sites contain advertising from Google; these use cookies to ensure you get adverts relevant to you. You can tailor the type of ads you receive by visiting here or to opt out of this type of targeting you can visit the 'Your Online Choices' website by clicking here.
- Webtrends / Google Analytics ►
  
  This is used to help us identify unique visitors to our websites. This data is anonymous and we cannot use this to uniquely identify individuals and their usage of the sites.
- Dart for Publishers ►
  
  This comes from our ad serving technology and is used to track how many times you have seen a particular ad on our sites, so that you don't just see one advert but an even spread. This information is not used by us for any other type of audience recording or monitoring.
- ComScore ►
  
  ComScore monitor and externally verify our site traffic data for use within the advertising industry. Any data collected is anonymous statistical data and cannot be traced back to an individual.
- Local Targeting ►
  
  Our Classified websites (Photos, Motors, Jobs and Property Today) use cookies to ensure you get the correct local newspaper branding and content when you visit them. These cookies store no personally identifiable information.
- Grapeshot ►
  
  We use Grapeshot as a contextual targeting technology, allowing us to create custom groups of stories outside out of our usual site navigation. Grapeshot stores the categories of story you have been exposed to. Their privacy policy and opt out option can be accessed here.
- Subscriptions Online ►
  
  Our partner for Newspaper subscriptions online stores data from the forms you complete in these to increase the usability of the site and enhance user experience.
- Add This ►
  
  Add This provides the social networking widget found in many of our pages. This widget gives you the tools to bookmark our websites, blog, share, tweet and email our content to a friend.
- 3rd Party Cookies ►
  
  We use Advertising agencies to provide us with some of the advertising on our websites. These include (but are not limited to) Specific Media, The Rubicon Project, AdJug, AdConion, Context Web. Please click on the provider name to visit their opt-out page.

Raith accounts show losses of £162,000

Top stories

Sport

Football