The Board of Directors announce the audited results for the Group for the financial year ended 31 May 2021, which have been filed with Companies House.
During the year under review, 2020/21, the seventh consecutive season in the Sky Bet League One, the Club was regrettably relegated to Sky Bet League Two attaining 47 points and achieving 21st place.
Revenue for the year of £3.3m was a significant decrease on the prior year. The decrease in revenue was driven by three key factors.
First, COVID-19 saw no crowds permitted into stadium as part of the UK Government's response to dealing with the impact of a global pandemic which removed one of the core revenue streams.
Second, the Club exited cup competitions in the early rounds compared to the prior year when two games against Newcastle United in the FA Cup and a tie at Manchester United in the Carabao Cup contributed significantly.
Finally, transfer revenues were down on the prior year due to the depressed nature of the transfer market caused by COVID-19.
Despite attempting cost savings and taking advantage of the UK Government's furlough scheme, the Group made a significant loss for the financial year of £1.2m.
Additionally the Board of Directors confirm they have filed a legal action against a former director and employee of the Company and are considering other legal actions against individuals based on available evidence.
The Annual General Meeting will be arranged for a future date, later in 2022 and the formal notice of that meeting will be given to shareholders once arranged.