Nick on deficit reductionThis week we held the Club’s Annual General Meeting, at which we announced a reduction in the Club’s trading losses for the 12 months ended 30 June 2012. This represents a reduction in our deficit by just over £3 million in the last financial year from £3.4million down to £353,000.
We have worked hard to reduce the Club’s losses and we continue to focus on costs during these hard times, as it is vitally important for us to be on a sound financial footing before we move into the new stadium.
The improvement in the figures can be attributed to a number of factors, including; the reduction of our wage bill following relegation to conform to the League Two wage cap and an appearance in the third round of the FA Cup against Aston Villa, which was screened live on television.
The Club has also reduced its indebtedness with the reduction in directors’ loans by conversion to shares which has improved the balance sheet. We cannot over emphasise the positive effect that a move to the new stadium will have on our finances, and we must maintain our momentum in that direction.
The Board are very pleased with these results, as getting the club into a sustainable position before we build the UWE Stadium is one of our targets. We hope over the next few years we can continue to decrease the deficit further still.
At the time of writing these notes, everything is still on target for the Sainsbury’s Planning Meeting on January 16th. It has been frustrating to see the decision put back a couple of times, but we recognise the importance of getting everything right at the first time of asking.
Following the AGM there was a question and answer session, where fans were given the chance to raise questions with Mark McGhee and the Board. This was a very constructive, frank and open dialogue, and something I would like to see a lot more of going forward.
Transparency is important, and I would like to see a move away from digital fans forums, to a more open and honest face to face exchange. With that in mind we are planning another question and answer session for early March 2013, details to be confirmed nearer the date
I know I have said this before, but now more than ever it is important for us to stick together to try and turn things around at Bristol Rovers. We are all in this together, and we need your continued support if we are to start progressing and moving the club in the right direction.
I know you are all upset and frustrated at our form this season, as I share the same feelings, but I would ask you all to unite behind a common cause on Saturday and really back the team.
I know it is difficult, and we are all desperate to see results, but as we have said before we need your support, and we must transmit that to the players, so let’s hope we can start with a decent performance and three much needed points on Saturday.