AFC Trust notes the reduced losses to £1.699m for the club’s financial year to 30th June 2004. We recognise that the reduction in loss is significant coming at the end of one of the most difficult seasons in the club’s history – and that both this number and the turnover have been helped by the one-off Centenary year activities. However concerns remain over the overall level of debt and how this will be addressed.

We also welcome the reduction in the wages to turnover ratio and the various changes in the boardroom and team management structure subsequent to the financial year close which gives a degree of optimism for the current financial year.

The trust also welcomes the great improvement on the park this season, but notes the need for a similar improvement in the club’s finances to reduce the net debt position going forward. Further one-off gains such as the Inverness Caledonian Thistle rental income, plus the boost from increased average attendances this season (linked to the improved playing performance) do provide hope going forward.

Contact:
Jeremy Wood on 07790 492327
Alex Stalker on 07931 512932
Una Tod on 07801 736046

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