League One side Walsall have released their annual report on their finances, which shows the club operating at a small profit in the year ending 31st May.
The club made a profit of £23,000 over the last year after tax, improving on the £10,000 that they made in 2012. They are one of the few clubs in League One who are turning over a profit.
Club chairman Jeff Bosner issued a statement which read; “On behalf of the Board of Directors I am pleased to present the annual report and accounts for the year ended 31 May 2013."
“I am delighted once again to be able to announce a trading profit for the year, this time of £23,000. I believe this represents a significant achievement when you consider the findings of the latest Annual Review of Football Finance Report, published by Deloitte in June 2013, which established that the average net loss for a League One club in 2011/12 was £2.4m.
“It is also worthy of note that this profit was achieved despite a fall in Central Television Revenues of 26% as a direct result of a reduction in The Football League’s new TV deal with SKY. Consequently the Club had to adjust and reduce its ‘Player Budget’ by a similar amount to compensate and this was done in a controlled and constructive manner."
Bosner went on to praise the club's new 'football philosophy' which was introduced last season. The basis of this philosophy is built on retaining possession, team work, and bringing through young talent via the club's academy.
He continued: “The foundations were laid by Team Manager, Dean Smith, and his Management Team and it is particularly pleasing to see that this started to ‘bed-in’ and we reaped the rewards during the season. Despite a ‘sticky patch’ before Christmas, where the team stuck to their beliefs and the new philosophy, overall the season must be regarded as a success and seen as a stepping-stone to future years.
He was also full of praise for the club's partners and sponsors, who have contributed to the club's healthy financial state; “We have continued to enjoy fantastic support from all of our Sponsors and Commercial Partners, both old and new, off-the-field. Accordingly, I would like to place on record my personal thanks to the organisations and individuals who have continued to support the Club during these difficult financial times."
The club has made a decent start to the season so far, currently in 10th place with 16 points, only 3 off the play-offs.