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Possible going concern issues at Carlisle

Income is up 16% with turnover of £4.7m at Carlisle United as matches in front of fans return. Operating profits of £118k were down 75% as there were increased overheads.

Carlisle had almost £1.7m in the bank at end of 21/22 but also sizeable creditors so the money cannot be spent.

Carlisle generated over £600k in cash from day to day activities, but a closer look shows the importance of player trading as almost all of this was cash from player sales.  Matchday income was 22% of total.

Carlisle employee numbers up by 44%, mainly due to admin staff doubling following end of lockdown. Total wage bill up as a result, with wages £61 for every £100 of income, or £71 if player sales excluded.  This is in line with Uefa recommendations.

Carlisle spent over £100k on infrastructure in 21/22. Their ground is vulnerable to climate change related issues especially flooding.

Carlisle borrowed from Edinburgh Woollen Mill which went into administration. The loan appears to have been sold by the administrators to Purepay Retail, and there is uncertainty over what they intend to do despite continuing discussions. This could cause going concern issues, suggests football finance guru Kieran Maguire.

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