Newport County accounts to show 'light moving forward'

Newport County had previously pledged to make "serious changes" to how the club operated after two years of financial losses

Newport County say new accounts will show the club has ended a run of financial losses previously described as "unsustainable".

And with the League Two side confirming a first profit in three years, chairman Huw Jenkins insists the club is "slowly seeing some light moving forward".

Newport recorded combined losses of £2.14m in their last two sets of accounts, but say new results due to be published at Companies House will show a pre-tax profit of £25,060 for the financial year ending June 2024.

They are the first accounts released since the takeover led by former Swansea City chairman Jenkins in January 2024 in a deal worth £500,000, at a time the club admit its future was in serious doubt.

The club says that figure is included in the new results, while Jenkins added that further funding has since been provided.

Huw Jenkins took a controlling 52% stake in the Rodney Parade club after its Supporters Trust opted to seek external investment

"After two very difficult trading years, we are slowly seeing some light moving forward which is encouraging for everyone connected to the club," Jenkins said.

"While we have also cleared a substantial amount of aged debt, there is still a great deal of work to do to ensure the club achieves financial stability and sustainability for future generations of our supporters.

"Fixed costs remain extremely high for a League Two club and additional director loans have since been injected to ease cashflow."

Newport recorded a loss of £913,306 for the year ending June 2023 and £1.231m for the previous 12 months.

The new figures covering the 2023-24 season will show income boosted by a successful FA Cup run, including the televised fourth round visit of Manchester United.

Overall turnover rose by almost a quarter from £3.463m to £4.588m, while matchday income and commercial revenue combined increased by 42% from £1.415m to £2.011m.

The accounts will not show the money received for striker Will Evans, who moved to Mansfield in August in a deal worth around £200,000 – the first transfer fee the Exiles had received in six years.

Nor will it cover the compensation package for manager Graham Coughlan who was sacked in June.

Jenkins said that lack of training facilities is an issue in need of addressing given the costs, adding "especially as future profitability remains in the balance without on-pitch success, player trading and increased commercial revenue.

"While there is still a lot of work to do on and off the pitch to achieve sustainability, the club has been encouraged by the progress already made, including an increase in season ticket and matchday sales, commercial revenue, and cost control savings via strict accounting processes."