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Portsmouth record loss in annual accounts

Portsmouth's accounts for 2016-17 show an operating EBITDA profit (Earnings Before Interest, Taxes, Depreciation and Amortisation) of £86,000. There was an overall loss for the financial year of £492,000 (after depreciation and amortisation, including non-cash items such as Fratton Park). Turnover was £7.5m, down from just over £8m.

Turnover fell by just over half a million pounds largely due to first round cup exits compared with the receipts of £660,000 achieved in the previous year.

The Football League Basic Award increased from £1.15m to £1.43m. Ticket sales were the biggest source of revenue at £3.86m, but fell from £4.87m the previous year. Hospitality income remained at £1.1m, but with increased net profitability from outsourcing the match-day kiosks operation.

Sponsorship and commercial income increased by a further £250,000 to just over £1m as the re-engagement strategy with the local business community gathered pace. Just £60k came from broadcasting income, a stark contrast with the Premier League.

Total staff costs amounted to 78 per cent of revenue, a relatively high figure, up from 67 per cent.

The year-end balance sheet showed a net asset position of £4.5m. There was continued expenditure on club infrastructure at new training ground facility and Fratton Park.

The sale of Adam Webster for a profit of just under £1m helped to keep losses down.

Michael Eisner's investment in the club is confirmed at £10m.

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