Plymouth Argyle post record revenues in excess of £11m in accounts to June 2022

Plymouth Argyle chairman Simon Hallett says his goal is to make the Pilgrims a "sustainable Championship club"

Plymouth Argyle have posted record revenues of more than £11m for 2021-22.

The Pilgrims, who are top of League One, just missed out on the play-offs last season and reached the fourth round of the FA Cup where they were beaten in extra time at Chelsea.

The club registered a loss of £240,453 due to costs associated with the new Mayflower Grandstand - Argyle say they made an operating surplus of £0.8m.

The club made a profit of £376,034 in the previous year.

The accounts to 30 June 2022 lodged with Companies House show the club had just over £6.8m of cash in the bank, but the figures do not include a £4m investment by an US-based consortium in August of this year.

The increased revenue comes from average attendances of about 13,000 at Home Park last season.

Their FA Cup run saw them gain about £200,000 in prize money and more than £400,000 from the televised fourth round game at Stamford Bridge, where Ryan Hardie's missed penalty late in extra time saw Steven Schumacher's men miss the chance to take the game to a penalty shootout.

Wages for all employees at the club rose from £4.31m to £5.46m over the 12-month period, with the club spending 53.6% of its revenue on wages - they also received about £500,000 in transfer fees.

"The year under review was another strong one for Argyle, as the club continues to make great strides towards financial sustainability," chairman Simon Hallett said in a statement that accompanied the accounts.

"Having met targets set for the past three years, significant progress has been made both on and off the field despite several challenges, including from the continuing impact of the Covid-19 pandemic and the present economic climate."