2023/24 Financial Statements Submitted
We have today (Wednesday, 11 December) filed our Annual Report and Financial Statements for the year ended 30 June 2024 at Companies House.
The Annual Report and Financial Statements outline the club’s financial position as of 30 June 2024 and cover Argyle’s return to the Sky Bet Championship. It was a season full of ups and downs but eventually resulted in Argyle securing their Championship status for another season after a dramatic final day victory against Hull City.
As previously, and in line with our Club Value of Transparency, Argyle Head of Finance, David Ray, will provide the Green Army with wider context and explain what the report means for Argyle’s overall financial health.
In addition to David’s insight, a video summary of the accounts can be found at the bottom of this report
You can also view the submitted report, in full, by clicking here. Please note that the submission may take a couple of working days to be processed and appear on the Companies House website.
We endeavour to publish accounts as quickly as possible. It is important to us that Argyle fans understand their club’s financial position and of course its strategic decision after the launch of our five-year mission. We hope this report and accompanying explanation help achieve that aim.
Financial Statements Summary:
Argyle’s return to the Championship for the first time since 2010 marked a record-breaking year on and off the pitch.
Total income for the year reached a record-breaking £26.7m, driven by the support of The Green Army, who sold out every league game at Home Park.
A rise in average home attendance drove ticketing revenue from £4.6m in 22/23 to £5.5m in 23/24 — a 20% increase, while retail and sponsorship revenue increased to £2.4m and £1.7m respectively.
Our revenue growth enables the club to progressively increase the player wage budget – a key driver of on-pitch performance. To maintain financial sustainability, the club continues to diversify revenue streams away from the pitch. Home Park is now established as the venue of choice for concerts and events in the South West, demonstrated by the selling of over 25,000 tickets for the Take That concert in June. The club also continues to operate our five-a-side centre, Harpers Football Centre.
Despite the increase in revenue, the club made a £2.4m loss. Over £1m of the loss is due to the amortisation of players, some of whom signed in previous seasons. The remaining loss was attributed to the increased operating costs of competing in the Championship, emphasising the need for continued revenue growth and diversification.
There were two managerial changes at Argyle during the season. We received compensation from Stoke City for Steven Schumacher’s departure. However, this was partially offset by the decision to part ways with Ian Foster.
Simon Hallett and Argyle Green demonstrated their commitment to the club by providing £11m of additional investment during the 23/24 season.
During the season, the club was able to purchase the Green Taverners’ building and is now able to offer additional match-day hospitality packages. A new state-of-the-art pitch was surfaced, featuring new LED advertising boards, enhancing the commercial opportunities for partners and sponsors.
Our recruitment strategy of investing in young, exciting, talent is no secret; the additions of Morgan Whittaker and Bali Mumba for club record fees was further evidence of this. The pair played a combined total of 97 times last season, with Whittaker registering 27 Championship goals and assists. Both players have considerably higher transfer values now than that which we purchased them for – highlighting the success of our sustainable recruitment strategy and its significant contribution to our financial stability.
Club emissions dropped to 10% of turnover, and despite the number of club employees growing by 25%, emissions dropped to 0.54 Tonnes of Carbon Dioxide equivalent (TCo2e) per employee, with the average being 3.4 TCo2e per employee for small to medium-sized businesses.
Looking Ahead:
The club remains united in working towards our mission - “To be a sustainable top six Championship club within five years, with Premier League aspirations.” We are progressing on our mission in an ambitious yet sustainable way, mitigating any risk of going back into administration.
The £21m Foulston Park development will become the home of our academy. Argyle’s £12m investment will provide the necessary infrastructure for the academy to upgrade to a category 2 facility. The development will enable us to produce more talents like Adam Randell, Freddie Issaka, and Michael Cooper. Players who, from a financial viewpoint, can either save the club resources, or generate transfer fees which allow the club to bolster the squad.
In an exciting new change of structure, the women’s team has come under the club. This integration presents an exciting opportunity to further develop the women’s game. The development of Foulston Park will provide the team with a permanent base to train and play matches.
It's an exciting time for Argyle as we seek new investment to help us towards our mission. We have identified a potential partner, with discussions ongoing with the EFL, as communicated by Chairman Simon Hallett last week.
In summary, the 23/24 season marks a milestone of progression for Argyle, and we couldn’t have achieved this without the Green Army’s unwavering support.
You can view the full accounts by clicking here. Please note that the submission may take a couple of working days to be processed and appear on the Companies House website.
