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Club News

PLC AGM called

Information about AGM on 7 April

16 March 2018

Notice of the AFCW PLC AGM has been despatched.

It will be held after the home game versus Scunthorpe on 7 April at 5.15 pm in the back bar.

The PLC's accounts for the year ended 29 June 2018 accounts were also issued with the agm notice. Key features of the accounts are:

• Turnover up by nearly 18 per cent at £4,876k

• Profit on sale of players up from £100k to £355k

• Increase in playing budget of £550k

• Profit before exceptional items, interest and tax was £57k, compared to a loss of £79k in the previous year

• Further investment of over £100k in the new stadium

The exceptional item was a payment to Kingstonian to terminate their licence agreement plus a commitment to a donation which, taken together, amount to £1.15m.

The payments to Kingstonian are being funded from the profit on the sale of Kingsmeadow which will complete later this year.

Chief Executive Erik Samuelson said: "Last year was another challenging year financially, as we invested more funds into plans for the new stadium and into strengthening the team. So it was very rewarding to deliver a profit in such circumstances. Later in 2018 we will complete the sale of Kingsmeadow to Chelsea, thereby releasing funds for the stadium construction and to settle the amount payable to Kingstonian. We are well set for the future and, with work on clearing the site of our new stadium now starting, we are entering very exciting times."

PLC shareholders have been sent details of the meeting where they can ask questions about the accounts, the new stadium and any other club matters of interest to them.

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