Millwall Holdings PLC (Company) has announced financial results for the 13 month period up to 30th June 2008.
The net loss for the period was £6.1m in comparison with a £5.1m loss to 31st May 2007. Over £500,000 of the difference is attributable to the extra month (June) during which relatively little income is earned.
The additional month in this accounting period ensures that going forward, the end of the accounting period will coincide with the end of player contracts (30th June).
Furthermore, these accounts are linked to new accounting procedures, both of which make direct comparisons with previous years' figures difficult.
The financial picture on the football side of the operation reflects a difficult year in which the team struggled.
A very poor start to the season (2007/8) led to the departure of the manager Willie Donachie and a number of his backroom staff. Associated with this were compensation costs, and the unprecedented catalogue of injuries led to further expenditure on recruiting a high number of loan players.
The team rallied under Kenny Jackett (appointed in November 2007), finishing in 17th position in League One and reaching the fourth round of the FA Cup.
This was, however, a disappointment given the pre-season optimism for better and resulted in reductions in gate and matchday revenue.
The administrative costs of the company increased, linked to the cost of holding an additional General Meeting and the ongoing work of developing future plans for the regeneration of the area around the stadium.
Having made a positive start to the new season at all levels, the prospects for the future are looking much brighter.
There is now stability at Chairman/Board level and on the management side of the team which bodes well for the club and the company.
John Berylson commented: "My commitment to Millwall remains as strong as ever. We have been through a very challenging year, but are now beginning to reap the benefits of the tough decisions we made, not least in the change of team management.
Under Kenny Jackett and his assistants, not only is the first team challenging well at the top end of League One, but the reserve and youth teams are also enjoying some success which is very encouraging.
We will continue to work hard to maximize our efficiency, investing wisely and diligently in the team and club, seeking to build on the promise we have seen over the past few months."