Walsall's income drops by £800,000
Walsall suffered a drop in income of almost £800,000 in the last season - new figures have revealed.
The Saddlers' turnover was down by £798,000 to £5.94million for the year ending May 31. Shareholders are receiving copies of the club's annual report which, as revealed at the weekend, showed a trading profit of £25,000, down from £408,000 in 2008.
The club cut operating costs to £5.81million, a reduction of £411,000, in order to stay in the black for the year. Walsall's overall debt was cut by £85,000 to £2.66million.
The report reveals a drop in gate receipts of £322,000 was partly responsible for the reduction in income. The Saddlers cut staff costs, including players' wages, by £89,000 to £2.94million. But the size of the playing staff rose from 43 in May 2008 to 47 a year later.
Lease costs rose from £349,000 to £392,000. They include the leasing of the Banks's Stadium site from chairman Jeff Bonser's pension fund and the Broad Lane training ground from Essington Parish Council.
The report also reveals that Bonser loaned the club a further £459,174 during the financial year, taking the club's overall debt to its majority shareholder to £1.39million. In his report to shareholders, Bonser added he was "pleased" to see the club achieve a trading profit for the fourth successive year.
He said: "In the current financial climate this represents a considerable achievement."
But the bulk of the chairman's statement focused away from finances.
He said: "In many ways the past 12 months has been a time when foundations have been laid for the future. This can be illustrated by the appointment of Chris Hutchings as team manager along with Martin O'Connor as assistant manager and, in the summer, Dean Smith as head of youth.
"We feel confident that we now have a very able management team in place and that our playing affairs are in capable hands. One of the highlights of the year has been the continuing emergence of players from the club's youth development programme.
"The likes of Richard Taundry, Netan Sansara, Mark Bradley, Manny Smith, Alex Nicholls, Rene Gilmartin, Troy Deeney and Darryl Westlake are all graduates of our youth policy who have joined the professional ranks and become established members of the first team squad.
"Our ability to recruit and develop the most talented local youngsters is a key element in achieving future playing success."
