Argyle cut losses by £1m on Championship return
Joe Edwards' goal on the final day of last season ensured Plymouth Argyle stayed in the Championship for a second successive season
- Published
Plymouth Argyle made a loss of more than £2.4m last season, despite bringing in record revenues in their first year back at Championship level.
The figures represent a cut in losses of £1m compared to the figures when they were promoted to the Championship in the 2022-23 season.
The club earned £25.6m in their first season back in the second tier, but higher operating costs and wages contributed to their losses.
Argyle's wage bill almost doubled from £8.3m to £15.2m, while the club twice broke their transfer record in the period as they spent £1m on Bali Mumba and Morgan Whittaker.
The club made a profit of £100,000 in transfer income, down from £300,000 in the previous year - although Argyle say since the end of June they have made a further profit of £400,000 on transfers which will go into next year's accounts.
Compensation Argyle received from Stoke City after Steven Schumacher left to join them as head coach was in part offset by paying off his successor Ian Foster, who was sacked after just three months.
Sell-out crowds for each of their home games in the Championship saw Argyle increase ticket sale revenue by more than £900,000, while sponsorship income went up by £500,000.
The club's biggest rise in income came from money from the English Football League - an increase from just under £1.9m in League One to almost £8.9m in the Championship.
Survival in the second tier on the final day of last season under the temporary leadership of Neil Dewsnip and Kevin Nancekivell ensured this year's income from the EFL will be even greater because of a new television deal.
"Our supporters will be aware that following our promotion last year, we updated our mission which is 'to be a sustainable top six Championship club within five years, with Premier League aspirations'," owner Simon Hallett said in the accounts filed at Companies House.
"The start of the 2024-25 season represents the commencement of our new strategic plan.
"The board are very proud that the club took an important step in that direction by demonstrating our ability to adjust to life in the Sky Bet Championship. The club is very optimistic about the future, with everyone hugely ambitious to keep developing."