Plymouth Argyle made £3.4m loss in League One promotion season

Plymouth Argyle won the League One title and made the final of the EFL Trophy in the 2022-23 season

Plymouth Argyle made a £3.4m loss in their League One title-winning season.

Accounts submitted to Companies House for the financial year to 30 June, 2023 show the Pilgrims made record revenues of more than £15m as they returned to the Championship after 13 years.

That is 28% more than the previous record set in the 2021-22 season as crowds averaged 15,500 at Home Park.

Argyle say the losses the club incurred are due to "one-off non-recurring costs" associated with their promotion.

"This included contingent payments on player loan transfer agreements, performance bonuses to first team players and management, along with a legacy payment to a bank in accordance with an agreement entered into when the club exited administration in 2011," the club said in statement.

The club's cash balance fell by £1.5m to £5.3m, but that figure is still regarded as extremely healthy in comparison to other clubs in the English Football League.

Wages increased by almost £3m in the 12-month period, going from £5.46m in 2022 to £8.32m in 2023, while retail sales grew by 45% to £1.6m and the club earned £1.3m from non-matchday events such as concerts at Home Park.

Argyle also earned £400,000 from television revenue and another £400,000 in other operating income - mainly due to the sale of Panutche Camara to Ipswich Town in September 2022.

The figures do not include the money the club spent on transfers in the summer of 2023 when Argyle twice broke their club record to sign Morgan Whittaker and Bali Mumba for £1m each - they also do not include the increase in broadcast money Argyle received after their promotion to the Championship.

Off the field the club continue to invest in infrastructure as owner Simon Hallett plots a new five-year plan to have the club at the top end of the Championship and aiming for a Premier League place.

The club spent £5m on land for a new training ground close to Home Park after bringing in £4m of new investor income.

An £11m investment at the Brickfields where the club's academy will be based is not included in the figures.