Aberdeen Football Club’s player trading strategy has strengthened the balance sheet and led to a net profit of £1.1 million for the year ended 30 June 2023.

Annual accounts show turnover increased by almost £2m, or 14%, from £13.86m to £15.77m year-on-year.

The rise has been attributed to an increase in gate, sponsorship, commercial and broadcasting income, following the club’s third-placed finish in the Scottish Premiership and reaching the Viaplay Cup semi-final.

The club said its move to a player trading strategy, where it invests significantly more in wages, operating costs and transfer fees than its operating income, has been a key factor in reducing £14.8m of cumulative net losses, before player sales, by £11.4m to £3.4m over the last three seasons.

The combined financial impact of finishing tenth in the League at the end of the 21/22 season and not qualifying to compete in Europe, whilst increasing investment in the playing squad, led to an operating loss of £6.27m, compared to £5.29m in the previous financial year.

Chairman, Dave Cormack, said: “To compete at the highest levels in Scottish football, and to qualify for Europe each season, we continue to invest more in player wages and transfer fees. This has led to annual operating losses which, over time, have to be balanced by positive player trading and increased commercial and football performance-related income.

“I’m pleased to report that we are making progress on balancing the significant additional investment in football wages and transfer fees, which leads to these operating losses, against positive income as a result of successful player trading.

“The club’s board and investors are committed to this strategy which has required a significant expansion of recruitment resources to unearth and invest in emerging talent such as Bojan Miovski, Duk and Leighton Clarkson.

“This acquisition of emerging young players combined with continued, substantial investment in our youth academy to develop young, homegrown talent, gives our club the best opportunity of success.”

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