DUFC

DUNDEE UNITED ANNOUNCE FINANCIAL RESULTS TO JUNE 2011

10th January 2012

Dundee United's Annual Accounts for the period to June 2011 reveal a net loss of £523K - a figure largely due to a £800K reduction in turnover.

The figures continue to highlight the financial difficulties facing Scottish football - an 18% decrease in season ticket sales for the 2011-12 season showing just one of the factors affected by the current financial climate.

Turnover for the year was £5,208K, a decrease of £844K on 2010 - a year when the Club won the Scottish Cup and finished third in the SPL.

Closer inspection shows the finances being managed efficiently with regards the long term stability of the Club.

Renewing its bank facility in October 2011, the Club has been able to reduce its bank loan by a third over the last four years, significantly helped by the sale of David Goodwillie. With the sale of Goodwillie and Scott Allan, the Club's term loan will fall below £4 million.

With constant endeavour to become self financing, Directors' loans remained at £435K, a figure which underlines the continued support of theThompson family.

Chairman Stephen Thompson said "The focus is very much on ensuring the long term stability of the Club and throughout the last four years we have worked tirelessly to improve the situation specifically relating to the long term debt. The term loan has been reduced by 33% since 2007 yet, whilst we need to focus on this, we also have to aim to excel on the park. Thanks to the support of the Board and the shrewd nature of transfer activity by the Manager, we have a young vibrant squad of players which gives real hope for some exciting times over the next few seasons. We fully appreciate the need to continue to entertain our supporters and, whilst at boardroom level we continue to strive for financial improvement, we also remain committed to having the best possible squad available."

He added "In summary, it is clear that the Club is being run in the best possible fiscal manner whilst continuing to compete on the park. The Company has increased the strength of the Board recently with the addition of both a new Director and Associate Director who bring with them a wealth of financial expertise. Such efficiency is vital for the long term stability of the football club and, with the continued backing of our loyal supporters, we will strive to ensure that this is achieved."