Newport County AFC has reported a loss of £913,306 for the financial year ending June 30, 2023, in its latest accounts filed this week at Companies House.
This follows a loss of £1.231m from the previous year (June 30, 2022) and a profit of £25,988 for the financial year ending June 30, 2021.
Turnover for the year was up to £3.4m compared to £3.28m the previous year, but operating costs were still greater than turnover at £4.39m compared to £4.5m in 2022.
Operating costs continue to exceed turnover due to a number of factors, including a 39% increase in matchday staging fees and the overall costs of playing at Rodney Parade.
The Directors Report from the outgoing Board stated: “On the pitch, despite a challenging start to the season, results showed a steady improvement with the club finishing the season in 15th place. We also saw our manager James Rowberry replaced by Graham Coughlan.
“While some improvements were seen, trading performance for the year continued to prove challenging but in line with expectations. As with the previous year the Board continued to employ a senior industry professional to support and advise.
"During this financial year the Board also began the process of discussion and engagement in respect of attracting new investment to the Club. This saw extensive due diligence undertaken on the Club.
“The Board was delighted that following completion of this due diligence, together with an extensive EFL process, and formal approval of Supporters’ Trust members at a Special General Meeting, Mr Huw Jenkins purchased 52 per cent of the club in January 2024 - outside this (2022-23) accounting period.
“The Board would like to place on record its thanks for the ongoing support it continues to receive from its supporters and commercial partners.”
