Filed on 27th June with Companies House - caught me out as they weren't due to be filed until the end of the month.



Profit for the year: £185,190 (Will take into account Challenge Cup run, 14,000 shirts sold, less the Thackraygate fine)

Level of debt therefore reduces again, from £1.7m last year to £1.4m

Our total net worth (excluding player valuations) is now -£184k compared to -£1,166k 5 years previously, so basically the finances have improved by £1m over 5 years. Good work.

maybe its just me being a bit thick here, but if you've made £185,190 in profit how have you shaved off £300,000 off the debt?

from the beginning of each financial year. thats how the profit is worked out, then take that off the overall debt

Other balance sheet item movements (cash, debtors etc).

By paying back the nice directors who had loaned us the money at no gain to themselves

thankyou, I think that clears it up!



(a pointer for Mr No6, £1,700,000 - £185,000 does not equal £ 1,400,000 )

They do deserve a bonus based on financial performance - the only team to make a profit in 2008, according to Neil Hudgell anyway. I suggest they get a bonus based on our league position, might be a good incentive.

its a good performance

but it does however show that a dip in crowds after a continued poor spell would hurt the finances.

to put it in very crude terms, £185k is 8,043 people paying the £23 maximum ticket price to go to games, or 670 people a home game. A dip in pass sales and crowds would cause them concern IMO.

Cheers Mrs B. I'll take any good news at present.

The profit and debt figures aren't really linked. Debt is a balance sheet item, and profit comes from the P&L.

The bank account (cash) is on the balance sheet, so paying off the directors loan (which is also on the balance sheet) wont effect the profit in any way.

Fantastic figures non the less. Is that the forth straight profit year?

Obsessed!

When we reach the threshold for our peppercorn rent though we only recieve half of this money so that would suggest the crowd figures would have to drop by double (1340 a home game paying full price tickets to have that effect) still not inconcievable though as you say and would be a worry if we continue to stuggle in the cup and not reaching the playoffs.We may be forced with developing a club fc 2011 though if this happens

I forgot about the KC deal, but as I say i did a very crude calculation. And I don't think its inconceivable we will lose 1340 people for next season, even the people who usually stick up for the club in everything they do are really mad at the moment.

Highlighted the key words for you.

Maths not your strong point then



The money owed was paid out as part of the expenses, that reduces the amount of profit.

Its so difficult for these East Hull types to understand that you pay money back you borrow, you do not just 3p in the £. No wonder some businesses in the east of the city have to pay for there beer delivery BEFORE IT ARRIVES on site.



Well it would appear that the board are getting this side of the business right, they just need to get the playing side right and we will be on one

I think we'll still manage to sell 7,500 passes. We were crap last year too and still managed to break our record. People forget that crapness through the off season, and become more optimistic the longer they dont see a game. I wouldnt worry too much.

Not to mention a kit bill .... mind you I'm sure Club Rovers 2010 will sort that out.

I don't anyone can knock what they've done for the club as a business, the merchandising is probably the best in the league for example, and would put many football clubs to shame. But nobody stands on the terraces singing songs about balance sheets and profit and loss accounts.

Agreed its not inconcivable and its not the way a forward thinking club should be targeting things. I just wonder if Cath n Co have a ploy to just before season ticket time feed Agar and Co to the baying public. this would then offset alot of those that have sad they wont go next season

on the other side they have again made a profit and the debt has reduced considerably.This would surely increase the value of the club if they where looking to sell

I'm not so sure this time, last year people thought it was just an injury blip, and we got a wembley final to keep us happy/occupied. This year will see the highest unemployment figures for decades also. We will still sell thousands, but I can see a 1000 not bothering, particularly as its not hard to get a ticket for the KC anyway.

Correct. Despite the fine, we will have undoubtedly made a good profit on the Challenge Cup with the uplift in merchandise sales, although we were maxed out on the cap with all the loan signings. This season we will see at best the same crowds as last year, and I reckon we'll use the savings from Michael Crocker on paying for Tansey's release and paying off a contracted player or two - I'd be surprised if we made a signficant profit this year with our early cup exit.

Nonetheless, looking at the bigger picture there are a couple of things to note:
1) The board should be applauded for getting the financial shape of the business back on track. It was out of control 5 years ago and we have returned a profit in each year since 2004.
2) Success on the field = profit. Might sound straightforward, but looks like we've basically managed our costs assuming a prudent level of income. Then, once we've reached major finals, we've consistently converted that off the field into additional sales and profit. The appetite and market is there, along with a superb merchandise department.
3) This is yet more evidence that we need a world class coach. The salary cap means playing squads are more even than ever, and the coach is the key differentiator. Given the evidence that success on the field for FC brings profit off it, why go with a sub-optimal coaching set-up - it doesn't make sense.

This is what baffles me.

They are very astute business people, they should know that poor on the field performances will have an effect on the balance sheet at some point. They have been quite good at [icutting out problems [/iand re- inventing themselves in the last nine years

I do think with the credit crunch, recession and impending power hike that next years season pass sales will be down by a large amount. All of this years passes where all bought prior to everything going wrong in the Banks etc. An increase in season passes may put some off but if it was pitched correctly would more then ofset the losses due to recesssion and retain more money under the 8,100ish cut off point with SMC.

Mo

People should now lay off the Board regarding off field activities. This profit combined with the measures recently announced to improve comms and accessibility to the club are a long way ahead of most if not all clubs in the comp. We are more or less no.1 in this regard.

On the field recruitment for next year has improved. We have got some proven quality on its way in. There is a very strong case for replacing the coaching staff now however I believe this wont happen. IMO Agar and Sharp have the rest of this season and 10 games next to either demonstrate they can do the job or ship out. Not much can be done this season to save ourselves HOWEVER they can start giving players a chance to shine in alternative positions to where they have previously been. Change the structures and the selection policies. This would have a very positive effect on the terraces. Sticking the 21's in sounds romantic but, especially in the forwards, they would be killed at this level without being nurtured in. Instead give those players with a future at the club a chance to show what they can do. Let the fans know soon who is being released. Next year, with the added quality, we must see from game 1 defensive and attacking structures that are compatible with a 'real' Hull FC team. Below par performances should see an early exit for the coaches. In the meantime as Standee has said earlier it's vital the fans get behind the club. We will be better next year and the fans need to be a part of that.

our current forwards are being 'killed' at this level!

and why should we get behind players who clearly don't give a damn about this club? without us they don't get a pay cheque at the end of the day.