Exeter City remain profitable despite 拢1m wage rise
- Published
Gary Caldwell became Exeter City manager during the period the accounts cover
Exeter City continued to be profitable despite a 拢1m increase in wages, according to their latest accounts.
Figures to 30 June 2023 lodged with Companies House show the Grecians made a 拢312,000 profit in their first season back in League One.
This was down from more than 拢1.2m when they won promotion in 2022 and almost 拢3m in 2021.
Exeter made a profit of just under 拢1.4m in transfer fees during the season.
The supporter-owned club remains one of the few sides in the English Football League to regularly return profits.
City's turnover rose to more than 拢5.8m during the season thanks to a rise in average attendances and a more than 拢500,000 rise in the money the club got from the English Football League following promotion.
Wages rose from 拢3.974m to 拢4.9m following promotion to League One as players moved in to new purpose-built facilities at their training ground.
As well as manager Matt Taylor leaving to join Rotherham United for a compensation fee the club also sold Alfie Pond, Matt Jay and Tim Dieng for fees.
They spent money on striker James Scott, defender Will Aimson and winger Demetri Mitchell during the period.
The figures do not include the sales of Josh Key, Sam Nombe or Archie Collins, nor the 拢1m-plus sell-on fee from Ethan Ampadu's move from Chelsea to Leeds United.
"We continue to increase the playing budget based on affordability within our financial model and forecasts available," chair Nick Hawker said in a statement accompanying the accounts.
"Our strategy, via our three-year business panning process, is to fund further year-on-year improvements to the first team in a sustainable fashion, by allocating some of that increased turnover and profitability into the playing budget."