The financial results represent the period between July 2010 and June 2011. The report does not take into consideration the compensation fee that the Pittodrie side received from Chris Maguire’s transfer to Derby County during the summer, but it covered the sizeable compensation fee paid out to former manager Mark McGhee.
Overall turnover rose from £7.053 million to £7.462 million, thanks to their cup runs last season, and the wages-to-turnover ratio came in at 60%.
Pittodrie Chief Executive Duncan Fraser stated: “Events over the last twelve months have reinforced the view that the economic conditions facing Scottish football remain extremely challenging. While the new television deal will offer a degree of stability, it is imperative that a clear strategic vision for the professional game in Scotland is delivered in the coming period.
“The overall turnover rose from £7.053 million to £7.462 million mainly as a result of the two cup semi final appearances.
“The overall wages to turnover figure after adjustments came in at the industry recommended level of 60 per cent with the bonus structure aligned to performance. The Club has further supported the first team this season at a time when others are cutting back in a bid to bring about the consistency in performance that is required as we enter a period of major change at the Club. We continue however to fully support our youth development operations as this area is pivotal to the Club’s future”.
Chairman Stewart Milne commented: “After a difficult start to the season we are beginning to see more consistency in the first team performances which is critical at this moment in time although we do, of course, need to start climbing the table”.