Raith Rovers have reported a “disappointing” loss of just over £200,000.
The club’s audited accounts for year ending May 31, 2019, revealed the financial position which came despite a third place finish in the league and a good Scottish Cup run.
It was also an improvement of £190,000 on the previous year – underlining the challenges facing the team in balancing its books.
The figures will now be presented to Rovers’ annual general meeting which has been confirmed for Thursday, January 23.
The £202,000 loss was announced today.
The club said it “again brings sharp focus to the challenge the club faces whilst operating in League One.”
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The statement also pinpointed the progress made behind the scenes.
“Comparing to the prior year, revenues rose by £142k, across commercial and football streams,” it said.
“This was despite finishing third place in the league, but helped by a good Scottish Cup run.
“Costs were reduced by a further £50,000 on the prior year, which was planned to have been larger but was countered by an unforeseen change in management team, substantial medical costs, larger maintenance expenditures and changes to off field operations.”
The majority of Key loans came from Stark’s Park Properties Ltd through the season, of which John Sim is the controlling party, and by Directors of Raith Rovers.
The club noted: “We are very grateful for their continued financial support.”
It also paid tribute to the support it receives from across the community.
“The Board of Directors of Raith Rovers continue to try and balance football ambitions, with prudent spending and seeking revenue opportunities and would like to place on record their huge appreciation of fans, suppliers, sponsors, staff and volunteers who we believe all share the same goal of making our club as great as it possibly can be.
As we now enter the second half of the season, we are in a strong position in the league and are challenging in both the Scottish Cup and in the semi final of the Tunnock’s Caramel Wafer Cup. Our number one footballing ambition remains to be promoted this season and we ask everyone to do whatever you can to help us meet this common goal.”
The AGMS for New Raith Rovers Limited, Raith Rovers FC Holdings Limited, and Raith Rovers Football Club Limited will be followed by a Q&A with directors Bill Clark, Tom Morgan, David Sinton, Steven MacDonald, Andy Mill and Ali More.