ANNUAL REPORT AND FINANCIAL STATEMENTS FY22

Dundee United can reveal that the annual accounts to June 2022 show the club achieved a profit of £600,000 before notional interest costs during the financial period.

The key points are:

• Profit of £300,000 after notional interest costs, an improvement of over £2.8 million on the previous year.
• Turnover rose to £8.3 million.
• Wages/Turnover reduced from 132% to 71% in comparison to the previous year.

Chairman Mark Ogren said: "The board remain committed to being a sustainable and enduring competitor in the top half of the Scottish Premiership and delivering on this in season 2021/22 was significant in the positive accounts posted.
 
"Despite the first half of the financial year 2022 bringing a continuation of some restrictions imposed by the Scottish Government on society and business operations, we were able to welcome fans back into the stadium - albeit on reduced terms for a period. 
 
"Turnover increased greatly for the year thanks to continued on and off-pitch success and alongside a controlled increase in total wage, this led to a significant reduction in wages/turnover ratio. 
 
"The success on-field in achieving our objective and indeed exceeding our expectations by finishing 4th led to qualification for UEFA competition. This was achieved while also ensuring that one of our core strategies of developing homegrown talent was highlighted by the reward of match time for 17 Academy graduates.

 
"I always speak highly of the fans at our club and I would again extend the gratitude of the board to those season ticket holders who donated a substantial amount of credit back to the club by waiving their right to any credit due for the 2020/21 season. Indeed all United fans continued to support the club; with over £1 million of income from match day ticket sales.
 
"Alongside developing our own players internally, player trading remains a significant element of the financial sustainability of the club and the profit of £1.3 million on the sale of players all while maintaining on-field success and maintaining a strong, competitive squad was achieved by Sporting Director Tony Asghar and the football department.
 
"Our commitment to the Academy remained high during the financial year. It remains a fundamental pillar of the club's future success and we continued to produce first-team players and international players at various age groups that reiterate the value in our continued substantial investment in the academy.
 
"Significantly, I would also like to thank the DUSF steering group and members for their continued support to 'bricks and mortar' projects - namely the Gussie Park project and the investment put forward by members into phases one and two of this project that has helped deliver a FIFA approved AstroTurf pitch, surrounding fencing and the installation of a spectator grandstand that is planned for 2023. We will continue to work with DUSF to complete phase three of the project, to produce modular buildings around the site, in the near future.
 
"Off-field, the business continues to flourish with commercial partnerships at record levels, retail sales showing increased revenue and the continued commercial support of both long-term club partners and new partners proving tremendous benefit to the club. Thank you to all those partners.
 
“In our ambition to improve and grow Dundee United FC and make the club the best it can be, our challenge continues to be controlling investment. Our expenditures must be commensurate with our revenue as it is imperative the club is both successful and financially sustainable.
 
"We continue to reach deep into the local community through the work of Dundee United Community Trust and the closeness of our relationship can be seen in the agreement we have entered for use of the fantastic Gussie Park surface with DUCT. 
 
“DUCT continue to play a significant part in the local community and offer real support in education attainment, as well as opportunities for children and adults with a disability. We are very proud of their para-football activities with the Trust’s Para-Football Club being announced as the Best Para-Football Project at the Scottish FA East Regions Grassroots Awards ceremony in 2020 and I was able to witness the progress first-hand in my most recent visit to Dundee at a training session.
 
"We have also taken over the running of the DUFC women's team and I would like to congratulate and thank DUCT for the seven years of hard work and dedication that it has taken to get the club to the top level of women's football in Scotland. The board believe that we can continue to produce a strong DUFC women's team under the club's umbrella. 
 
"Finally, I reiterate that the current board are committed to ensuring that the required funding and infrastructure is in place to maintain the club as a competitive team in the Premiership and also provide the platform to enhance the prospect of finishing in the top-six once again this season."
 

CLICK HERE to view the latest financial statement