By Alan Parry
Wanderers chairman Mr. Ivor Beeks says he expects the club's finances to 'improve significantly' and 'move closer to break even' during the next two years.
In his report to shareholders in the annual financial review, Mr.Beeks says: 'The football costs are being brought under control and commercial and match day revenues are expected to increase.'
Mr.Beeks also confirms that the club's board of directors are 'still actively looking at a move to a new stadium'. He points out that plans are still at a very early stage but added: 'the directors are encouraged by the pro-active involvement and support from both the local council and London Wasps'.
The chairman's remarks accompany the financial statements for Wycombe Wanderers F.C. PLC for the year ended 30th June, 2008. They reveal that the company lost £1,664,535 compared to a loss of £698,964 in the previous 12 months.
Mr.Beeks reveals: 'The biggest reduction in income was in match day sales which fell by £550,000. This was mainly due to the previous year's figures including the incredible Carling Cup run. Operating costs also increased by £359,000, primarily due to an increase in the football department costs. In chasing promotion we significantly exceeded budget.'
Income from player transfers was also significantly down compared to the previous year, which saw the sale of Kevin Betsy to Bristol City and Roger Johnson to Cardiff City. The transfers of Sergio Torres and Russell Martin to Peterborough United were not included and will appear in the 2008-2009 financial statements.
The chairman draws attention to several improvements in the club's financial situation. He tells shareholders: 'Commercial income was more successful with turnover increasing by £336,000. The largest rise was in food and beverage, helped by a 31% increase in non-match day revenues. The conference centre is a very important source of revenue and the club will continue to invest in this area.
'Merchandising income also rose by 20%, principally due to the launch of new home and away shirts, and there was an extra £50,000 income from London Wasps due to an increase in the ground share fee.'
The chairman's report and financial statements will be presented at the club's AGM at Adams Park on Thursday, December 4th (8pm).
