Arbroath’s spectacular rise in fortunes off the park has been highlighted by news that their turnover has TREBLED to £1.88 million in a year.
The Angus side posted a record set of financials for the year end 2022, as they made a £238,078 profit.
Turnover also increased from £610,549 to £1,884,851 from the previous set of accounts.
That came as Arbroath emerged from the Covid-hit season before to finish second in the Championship.
The lifting of Covid-restrictions had a marked impact on gate receipts.
But the figures – revealed to shareholders at Tuesday AGM – are also testament to the incredible work that has gone on behind the scenes.
The Angus club’s commercial output has grown dramatically since the appointment of former Dundee United employee Paul Reid as commercial director.
Chairman Mike Caird outlined the finer details of the club’s financial position at the AGM and said it made ‘for excellent reading.’
In a letter and accompanying financial report to shareholders, Caird revealed:
- Turnover increased on the previous year from £610,549 to £1,884,851
- Arbroath made a total post-tax profit of £238,078
- Income from the SPFL was up by £410,335 due to the second-placed finish
- Sponsorship and advertising income increased by £174,637
Official opening of the CoelBrew Main Stand
We were delighted to welcome the team from @coelbrew the makers of a brand new gluten-free beer based out of St Andrews last Saturday to officially open the new CoelBrew Main Stand
Read More; https://t.co/IWbVr6rAqr pic.twitter.com/ucxcdup589
— Arbroath FC (@ArbroathFC) August 14, 2022
- Shop merchandising climbed by £151,089
- Season ticket sales were up by £40,162
- Operating costs soared by £600,863
- Grant funding was down by £568,962 to just £40,222 after the removal of Scottish Government Covid-disruption money
Arbroath AGM shows shop sales increase
The generated revenue spike is as a result of a concerted drive by Arbroath to increase funding sources.
Arbroath have enjoyed exponential growth in merchandise sales after opening a town centre-based club shop.
At the time, of his appointment in November 2021, Reid said: “We want to make sure kids are running about town with Arbroath kits on instead of Real Madrid or PSG.”
Arbroath’s shop sales show they have succeeded in that aim.
New sponsorship channels, such as a re-named Coelbrew Stand, have help generate income in other areas.
Increased gates and investment in facilities
Turnstile income for season 2021/22 was £392,001 and season ticket sales were £89,681.
With the club’s average gate up by 21.9% to 2,152 and record season ticket sales of 1,500, gate revenue is likely to be up again in the 2023 financial results.
Caird thanked fans for their backing last season his shareholders letter.
“Your continued support was once again outstanding,” Caird wrote.
“It was very humbling to see large increases in attendance which were buoyed by a significant increase in season ticket holders.”
There will also be significant additional costs in the next set of accounts.
Arbroath have invested heavily in upgrading Gayfield with a new office building, floodlight upgrade and seat replacement in their main stand amongst other improvements.
Energy costs will be up and Arbroath will have a smaller prize fund from the SPFL for their eighth-placed finish.
But Caird is proud that the club is living up to its mantra of ‘never standing still.’
Caird added: “Gayfield is surely now among the best stadium experiences in Scotland.”
Arbroath shares for sale
Arbroath have also encouraged fans to buy a stake in the club.
Interested investors can purchase shares with a minimum spend of £100 for 100 shares by emailing Gary Callon on secretary@arbroathfc.co.uk.
