Newport County report £350,000 loss for last financial year

Newport County went to an FA Cup fourth round replay against Tottenham Hotspur at Wembley Stadium, losing 2-0

Newport County have reported a loss of more than £350,000 in their latest set of financial accounts.

But the board of the League Two club says a profit is expected following their 2017-18 FA Cup exploits.

Club bosses also insist they have prepared "strict budgets" for the future.

And manager Mike Flynn says Shawn McCoulsky's FA Cup winner against Leeds United in January may have "saved" the club from financial ruin.

The 2-1 win against the Championship side led to a home draw in the fourth round against Premier League side Tottenham Hotspur.

A 1-1 draw with Spurs followed at Rodney Parade before Newport's run ended in a 2-0 replay defeat at Wembley - games that Flynn and club officials say gives them some security.

'Could we afford promotion?'

Newport's hopes of promotion to League One are slim after they were challengers earlier in the season.

They are 11 points off the play-offs with five games to play, starting at Barnet on Saturday, 21 April.

Flynn said: "The Cup run might have been the best thing that happened to this club.

"If we didn't have the cup run and went up, costs go up, could we afford it? I doubt we could.

"Maybe the best thing to happen with amount of losses we had was the FA Cup run.

"McCoulsky's goal allowed us to draw Tottenham and saved the club.

"It was huge, it was worth more to the club than promotion was, especially in the middle of next season if wages and costs have all gone up and you don't have a good cup run, crowds go down because you may be struggling."

'Poor performance in 2016-17'

County's loss of £351,456 was for the financial year ending June 2017. It compared with a profit of £339,522 for the previous year.

"During the year 2016-17 season the club experienced poor performances both on and off the field," says the club.

But following Newport's run to the fourth round of the FA Cup the board anticipate the "club will make a profit for the coming financial period".

The club added: "The Board have also prepared strict budgets for the 2018-19 season with a view to reducing unnecessary costs and increasing revenue streams."