He told United’s website: “While the reported pre-tax loss of £636,000 will naturally draw attention, it’s important to note that this includes nearly £400,000 in accounting interest charges, which are notional, non-cash items.
“The more meaningful measure of our underlying performance is EBITDA, which shows a profit of £204,501, our first profitable EBITDA since 2018. This marks a genuine turning point for the club and reflects the solid financial foundations now in place.”
United’s wages-to-turnover ratio has also been reduced to 60%, down from 81% the previous year, the lowest level since 2013, “reflecting both strong revenue growth and effective cost management”.
Meanwhile, total costs have been reduced by £2m compared to the 2022/23 Premiership season, with the current operating loss of £100,000 “a significant turnaround” from the £4.3m loss during that previous top-flight campaign.
United say the latest financial results continue “the positive trend that has prevailed since the restructuring of senior leadership at the club in 2023”.
On the field of play, United’s goal was to “re-establish the club as a competitive force in the Premiership and to target a place in the top six” and this was achieved despite an overhaul of the squad, with 15 players departing after winning the Championship title.
“The culmination of this was a final league position well above pre-season predictions, earning European qualification – a target which many considered ambitious at the start of the season,” they stated.
Chairman Mark Ogren added: “I’m very pleased to report continued progress towards our goal of a self-sustaining football club alongside success on the pitch.
“We’ve seen real progression across all areas of the club, both strategically and operationally, over the past two and a half years.”
