2020 Financials and AGM

Robert California

Well-Known Member
Must be about that time of year again, AGM was at end of November last year, and am I right in saying there needs to be 28-days notice?

Also keen to see what Year end financials look like.

The pessimist in me sees a negative COVID impact, but in positive terms the extended run in Europe with two ectra rounds played must boost the coffers by about £5m from previous year, and if the £3m Castore payment is included we could be looking at a healthier position again than last year?

If I remember, we lost £11.3m in last full accounts, is it feasible that could be halved this year?

And moving forward, with the fresh investment from Gibson, and the greater commercial deals and shirt sales along with sustained European involvement, could we be close to breaking even?
 
Must be about that time of year again, AGM was at end of November last year, and am I right in saying there needs to be 28-days notice?

Also keen to see what Year end financials look like.

The pessimist in me sees a negative COVID impact, but in positive terms the extended run in Europe with two ectra rounds played must boost the coffers by about £5m from previous year, and if the £3m Castore payment is included we could be looking at a healthier position

If I remember, we lost £11.3m in last full accounts, is it feasible that could be halved this year?

And moving forward, with the fresh investment from Gibson, and the greater commercial deals and shirt sales along with sustained European involvement, could we be close to breaking even?
Considering the new players we’ve signed & increased contracts for some of those already there, I very much doubt that
 
Did we even release 6 month accounts?
We didn’t release results to 31 Dec - as we’ve normally done in the past - though I understand there is no requirement to do so. I think we have to supply figures to the SFA for our UEFA Licence though, just no need to go public.

Be a very unusual set of figures to 30 June this year, with initial effects of Covid and, I think, at least a month of the players deferring salary. I suspect for the layman (like me!) they may be very difficult to properly understand this Summer. They may not even feature Castore money or MyGers yet. And, since UEFA tournaments didn’t end until into August, I doubt we’d have our full cash from UEFA either.
 
Must be about that time of year again, AGM was at end of November last year, and am I right in saying there needs to be 28-days notice?

Also keen to see what Year end financials look like.

The pessimist in me sees a negative COVID impact, but in positive terms the extended run in Europe with two ectra rounds played must boost the coffers by about £5m from previous year, and if the £3m Castore payment is included we could be looking at a healthier position again than last year?

If I remember, we lost £11.3m in last full accounts, is it feasible that could be halved this year?

And moving forward, with the fresh investment from Gibson, and the greater commercial deals and shirt sales along with sustained European involvement, could we be close to breaking even?
Certainly think that MyGers and the improved agreements with Castore for merch will have been a great boost for the accounts. Like you say, European football Tv and gate money will have been huge for us last season, but I'd imagine our loss will still be somewhere between £5-8M because of the pandemic. Progress, nonetheless.
 
Covid will obviously have a negative impact, but being rid of that fat slug, Europe & MyGers will all be positive.
I don't like comparing us to anyone, but there will be a lot of clubs in Scotland in a far worse state than us.
 
I don't think we have spent any more on players this summer than last, and bear in mind we got more EL points and 2 x more EL full houses than least season, I would expect any losses to be £6m or less....
It’s the fact we have invested considerably in the squad / staffing since last year with very few tranfer fees coming in , though granted some players like Halliday / Flanagan off wage bill now as well

Yes we did well In Europe but you have to deduct the costs to play those additional games plus the bonuses the players will have been on

Given the covid situation the figures will be hard to measure given things since as impact of furlough etc
 
Must be about that time of year again, AGM was at end of November last year, and am I right in saying there needs to be 28-days notice?

Also keen to see what Year end financials look like.

The pessimist in me sees a negative COVID impact, but in positive terms the extended run in Europe with two ectra rounds played must boost the coffers by about £5m from previous year, and if the £3m Castore payment is included we could be looking at a healthier position again than last year?

If I remember, we lost £11.3m in last full accounts, is it feasible that could be halved this year?

And moving forward, with the fresh investment from Gibson, and the greater commercial deals and shirt sales along with sustained European involvement, could we be close to breaking even?

Obviously last year had two things that may help further SB.

1.The implied interest on loans, which was over 3m IIRC, but isn’t actually payable / cash out. The more equity replaces loans to these investors the more this disappears.

2.Wasnt there about 4m of SD legal costs too ?
 
The COVID Impact will be the big unknown but, subject to that, it would be good if our ‘layman’ expectations are confirmed mate.
As you and OP state, Covid negative impact will always be there I would imagine, but there’s been plenty of income even with this crisis as well as investment, and last seasons EL run will have a huge impact, certainly in a positive manner. I suspect we won’t be looking that bad at all, the pessimist in me would be saying there’s still a way to go yet before the club is Rick solid, but we are stable and getting better despite what the lurkers and timmys are saying.
Wonder if they will be releasing their accounts anything soon? As per @Southbelfastloyal29
 
As you and OP state, Covid negative impact will always be there I would imagine, but there’s been plenty of income even with this crisis as well as investment, and last seasons EL run will have a huge impact, certainly in a positive manner. I suspect we won’t be looking that bad at all, the pessimist in me would be saying there’s still a way to go yet before the club is Rick solid, but we are stable and getting better despite what the lurkers and timmys are saying.
Wonder if they will be releasing their accounts anything soon? As per @Southbelfastloyal29
If you think of @Strickland Banks post, he’s looking incrementally from the previous year, where we lost 11m.

So hopefully the two extra EL ties & the Castore cash possibly ? Castore timing will be interesting as our YE is 30 June ?

Hopefully the SD money I mentioned hasn’t been repeated, as that was a few million too.

I could see that mobs accounts deteriorating a fair bit THIS YEAR, because their last accounts would’ve been a big loss without player sales & CL Group stages, and they haven’t sold anyone. Last year, I’m not sure what COVID impact would’ve been, but it would’ve harmed them more than us.
 
We didn’t release results to 31 Dec - as we’ve normally done in the past - though I understand there is no requirement to do so. I think we have to supply figures to the SFA for our UEFA Licence though, just no need to go public.

Be a very unusual set of figures to 30 June this year, with initial effects of Covid and, I think, at least a month of the players deferring salary. I suspect for the layman (like me!) they may be very difficult to properly understand this Summer. They may not even feature Castore money or MyGers yet. And, since UEFA tournaments didn’t end until into August, I doubt we’d have our full cash from UEFA either.
The salary deferred should still factor into the profit and loss (it’ll just appear as a liability on the balance sheet, rather than a reduction in cash).

Good point in the UEFA money - we won’t have “earned” all of it in the year the accounts cover, but there probably should be an explanatory note about that in the accounts, so we’ll know the full amount.

I’d also expect less one off costs, such as the legal fees and the full write off of Grezda’s transfer fee we had in the last accounts.

Castore and Mygers money might not be recognised as revenue in the accounts either, depending on timings.

I reckon we’ll still make a loss (albeit significantly less than last year), our detractors will lap it up but we’ll definitely be on the right path.
 
If you think of @Strickland Banks post, he’s looking incrementally from the previous year, where we lost 11m.

So hopefully the two extra EL ties & the Castore cash possibly ? Castore timing will be interesting as our YE is 30 June ?

Hopefully the SD money I mentioned hasn’t been repeated, as that was a few million too.

I could see that mobs accounts deteriorating a fair bit THIS YEAR, because their last accounts would’ve been a big loss without player sales & CL Group stages, and they haven’t sold anyone. Last year, I’m not sure what COVID impact would’ve been, but it would’ve harmed them more than us.

Yeah, I am just curious from a perspective that £3.6m of the £11.3 last season was attributed to one-off Sports Direct litigation costs, and the fact we got 2 more full houses in Europa League last 32 & 16 at the turn of the year which should boost income by £3m.

More money for more points also gained in Group stages last season and around £1m of MyGers income in addition, but not sure when this or the initial £3m Castore royalty payment will kick in.

Net spend on players of around £10m this summer seems similar to last summer.

Should we be optimistic?
 
Yeah, I am just curious from a perspective that £3.6m of the £11.3 last season was attributed to one-off Sports Direct litigation costs, and the fact we got 2 more full houses in Europa League last 32 & 16 at the turn of the year which should boost income by £3m.

More money for more points also gained in Group stages last season and around £1m of MyGers income in addition, but not sure when this or the initial £3m Castore royalty payment will kick in.

Net spend on players of around £10m this summer seems similar to last summer.

Should we be optimistic?

Definite expectations of improvement for these reasons as you suggest, SB, subject to just how harmful COVID has been ?

And the notional interest is a legitimate point too, because the 11m was only 7m without it IIRC.

If we get to break even as a club, ignoring notional interest, that’s pretty acceptable, especially as we now have something close to 100m in player values as we discussed ?

I’ll be surprised if we are as good as break even on that basis for last year but it definitely seems attainable as soon as the COVID impact ends.
 
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Covid will obviously have a negative impact, but being rid of that fat slug, Europe & MyGers will all be positive.
I don't like comparing us to anyone, but there will be a lot of clubs in Scotland in a far worse state than us.
The Sheep chairman in the papers this morning, begging for fans to be allowed back before things become dire
 
The Sheep chairman in the papers this morning, begging for fans to be allowed back before things become dire
Considering the Scotland rugby games coming up with have fans for another test event, I'm not surprised he's having another go at the Scottish Government.
 
I wonder how they can have an AGM in the Covid-19 era? Has this been done anywhere yet?

In the football world, not so sure, assuming it would be virtual. In my line of business, yes it can be done, we hosted a virtual AGM.
 
I wonder how they can have an AGM in the Covid-19 era? Has this been done anywhere yet?
Most AGMs for listed companies (I know we aren't currently listed but we have a broad shareholder base) are currently taking place on a closed door basis. i.e. the minimum 2 shareholders needed to form a quorum but no "public" access. Instead, all votes cast by proxy. Only a handful of companies (FTSE 100 types) have gone down the virtual or "hybrid" AGM route (i.e. by video conference etc.). It will be interesting to see what we do because, unlike most companies, people actually want to attend the AGM. My guess is that we will go down the closed doors AGM route. There is still quite a bit of nervousness about the technology solutions and cost of holding virtual / hybrid AGMs.
 
As a shareholder, any idea who should I contact to update my address details ?
 
Can't see much better than a 10M loss to be honest. Still sustainable with the new investment, and the fact that one good player sale would easily put us into positive figures if we really need it.
 
As a shareholder, any idea who should I contact to update my address details ?
I would contact the Company's registrars who, assuming the website is up to date, appear to be: Link Market Services Limited, Corporate Actions, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU. I suspect you will be able to find a phone number for them on the web if you want to try to contact them first to find out what they need from you in order to change the address they hold for you.
 
I would contact the Company's registrars who, assuming the website is up to date, appear to be: Link Market Services Limited, Corporate Actions, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU. I suspect you will be able to find a phone number for them on the web if you want to try to contact them first to find out what they need from you in order to change the address they hold for you.
Yup, that’s the guys to contact. New name for Capita Registrars Limited operating out of the same address we all remember from the fight to get our Club back.

Contact number seems to be the first one quoted in this link (there’s an email address in there as well):

 
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