Raith Rovers have reported an impressive five-figure profit in their latest set of accounts.
The Stark’s Park outfit made £48,295 for the 12 months to the end of May last year.
The accounting period represents the first year of the current owners, who completed their takeover of the Kirkcaldy club in May 2023.
It also covers a successful on-field season for Rovers, who finished second behind Dundee United in the Championship and reached the Premiership play-off final.
A small profit contrasts with a loss of £190,330 for the previous year and comes despite expenditure increasing by £583,516.
The financial success was possible thanks to revenue going up by £1.1 million – a remarkable 57 per cent – and came with Andy Barrowman at the helm as chief executive.
He was sacked last month when the club made his position ‘redundant’, whilst managers Ian Murray and Neill Collins have also both left since the accounting period.
The figures were revealed in a ‘Full Year Financial Summary’, sent to members of Raith’s ‘Club 1883’ and obtained by Courier Sport.
A statement from the board of directors said: “We are delighted to share the great news that, in our first full season as the new ownership group, Raith Rovers made a profit.
Raith: ‘A world of a difference’
“The headline news is that we made a profit of £48,295, compared to a loss of £190,330 the previous season – a swing of £238,625. Total revenue increased by £1,110,608, a 57 per cent increase.
“When we joined the club in May 2023, we started with a bank balance of £0.
“However, through our investment, we focused on improving the environment for all staff and enhancing the revenue-generating areas of the football club.
“What you now see at Stark’s Park is a world of difference compared to 22 months ago.
“The Main Stand makeover, inside and out, a third hospitality lounge, and additional advertising spaces are just some of the highlights.
“While these changes may not immediately translate into positive results on the pitch, they will provide the club with a greater chance of long-term success.
“Although this season may not have met expectations in terms of league position, we, as a board, remain committed to improving the business of the football club, which will ultimately lead to greater success on the pitch over time.”
The figures show that income from the commercial wing of the club, including hospitality, sponsorship and advertising, more than doubled, from £324,799 to £664, 463.
Rovers: ‘Thank our supporters’
There was a similar near 100 per cent jump in income from football operations to £815,992, almost entirely down to prize money of £773,197 compared to £413,864 for the previous season.
And there was a significant rise in match-day income from gate money, season-ticket sales and the club taking the food and drink kiosk operation back in-house.
The money generated from these areas increased from £857,488 in 2022/23 to £1,315,457 last season.
The board statement added: “We want to thank our supporters and the local community for rallying behind us and playing a key role in the increase in revenue from 2022/23 to 2023/24.”
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