Post by Macmoish on Sept 4, 2010 22:19:49 GMT
From the days of Blackburn and Davies ...Of course in comparison....
QPR Official Site - 2003 or 2004
LOFTUS ROAD PLC ACCOUNTS
Accounts for the last two years for Loftus Road plc have been filed at Companies House, forwarded to shareholders and are now here on qpr.co.uk.
Filing of the 2001 accounts was delayed due to the Company being in administration from April 2001 until May 2002. The 2002 accounts have been filed simultaneously and both sets will be presented to the shareholders for their approval at the forthcoming AGM on 1 May 2003.
The financial statements show that the Company made a loss before interest and tax in the year ended 31 May 2001 of £4.9m but this was reduced to £0.3m in the year ended 31 May 2002.
Turnover rose from £8.1m in 2000 to £8.9m in 2001 but fell to £5.6m in 2002. This drop can be accounted for primarily by the loss of income generated by London Wasps of £2.3m and the reduction in TV revenue.
Central funding for the 2000/01 season from the Football League was £1.9m - which was mainly comprised of the SKY deal as well as some of the initial ITV Digital funding.
Television revenue then fell substantially the following season to £0.5m and will again reduce significantly for the 2002/03 season due to the much-publicised collapse of ITV Digital.
Losses at the operating level before player trading fell by 55% to £3.6m in 2002 compared to the previous twelve months. This was largely due to the massive reduction in the player and management wage bill which has gone down from £9.1m in 2001 to £3.6m in 2002, although the first year included the wages of London Wasps players and management of £2.3m.
During 2001, two significant events took place that enabled the Company to significantly reduce its debts and write off part of the debt owed to Chris Wright, the former Chairman. These were the sale of Twyford Avenue training ground and the sale of London Wasps.
The Company was able to come out of administration in May 2002 as a result of a £10 million loan to re-finance the Company. This loan was used to repay Chris Wright £3.5m, an interim loan of £1 million, settle pre-administration and current debts and pay the costs of administration of £790,000.
Paul English, Finance Director, said: "The results reflect the re-structuring that the Company has had to undertake as a result of administration and the current problems in the football industry.
"We have had to sell some of our assets and reduce our costs considerably - in particular players' salaries - to be able to get the Company through one of its most difficult periods.
"The accounts show that this has been achieved, with our operating loss falling by 55% in 2002 from the previous year. Going forward, the Directors are actively seeking to raise further capital to ensure the future of the Company and the Club."
There are two attachments below for you to view. On the left are the accounts for financial year end 2001, and on the right, the accounts for financial year end 2002.
QPR Official Site - 2003 or 2004
LOFTUS ROAD PLC ACCOUNTS
Accounts for the last two years for Loftus Road plc have been filed at Companies House, forwarded to shareholders and are now here on qpr.co.uk.
Filing of the 2001 accounts was delayed due to the Company being in administration from April 2001 until May 2002. The 2002 accounts have been filed simultaneously and both sets will be presented to the shareholders for their approval at the forthcoming AGM on 1 May 2003.
The financial statements show that the Company made a loss before interest and tax in the year ended 31 May 2001 of £4.9m but this was reduced to £0.3m in the year ended 31 May 2002.
Turnover rose from £8.1m in 2000 to £8.9m in 2001 but fell to £5.6m in 2002. This drop can be accounted for primarily by the loss of income generated by London Wasps of £2.3m and the reduction in TV revenue.
Central funding for the 2000/01 season from the Football League was £1.9m - which was mainly comprised of the SKY deal as well as some of the initial ITV Digital funding.
Television revenue then fell substantially the following season to £0.5m and will again reduce significantly for the 2002/03 season due to the much-publicised collapse of ITV Digital.
Losses at the operating level before player trading fell by 55% to £3.6m in 2002 compared to the previous twelve months. This was largely due to the massive reduction in the player and management wage bill which has gone down from £9.1m in 2001 to £3.6m in 2002, although the first year included the wages of London Wasps players and management of £2.3m.
During 2001, two significant events took place that enabled the Company to significantly reduce its debts and write off part of the debt owed to Chris Wright, the former Chairman. These were the sale of Twyford Avenue training ground and the sale of London Wasps.
The Company was able to come out of administration in May 2002 as a result of a £10 million loan to re-finance the Company. This loan was used to repay Chris Wright £3.5m, an interim loan of £1 million, settle pre-administration and current debts and pay the costs of administration of £790,000.
Paul English, Finance Director, said: "The results reflect the re-structuring that the Company has had to undertake as a result of administration and the current problems in the football industry.
"We have had to sell some of our assets and reduce our costs considerably - in particular players' salaries - to be able to get the Company through one of its most difficult periods.
"The accounts show that this has been achieved, with our operating loss falling by 55% in 2002 from the previous year. Going forward, the Directors are actively seeking to raise further capital to ensure the future of the Company and the Club."
There are two attachments below for you to view. On the left are the accounts for financial year end 2001, and on the right, the accounts for financial year end 2002.