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Partick Thistle FC

The Partick Thistle Football Club Limited Accounts and Review 2024

The Partick Thistle Football Club Limited has today issued their shareholders with details of the club’s audited accounts for the year ended 31 May 2024.

The key financial details are as follows:              2024 (£)                2023 (£)           2022 (£)

Turnover                                                                3,203,875             2,817,844         2,471,595

Turnover growth                                                      13.70%                 14.00%            67.25%

(Loss) before tax and exceptional items              (131,811)             (355,834)        (215,440)*

Exceptional Income                                                        –                          –              1,716,432

(Loss) / Profit before tax                                           (131,811)             (355,834)        1,500,992

*Financial Year ending May 2022, included non-repeat Covid Grants totalling £137,267, increasing the like for like Operating loss to £352,707. It also included a one-off exceptional donation of £1,716,432 from Three Black Cats Limited.

Review of The Partick Thistle Football Club Limited

This year ending 31 May 2024 saw the first full season where Partick Thistle was a fan-owned football club, with this position formalised by the signing of the Club Trust Agreement in February 2024 and strengthened through the introduction of the Club Governance Manual in October 2024.

The first stage of stabilising the club financially was completed in October 2023, through the issue of £500,000 of C Preference Shares to a consortium led by Donald McClymont, a lifelong Partick Thistle supporter, the US-based CEO and founder of the NASDAQ listed business Indie Semiconductor.

The beneficiaries of the PTFC Trust who represent the majority shareholding in the club voted overwhelmingly in December 2024 to support a further share issue of £500,000 which will be formalised at the upcoming AGM.

The directors believe that these investments provide the foundations required to run the club on a breakeven basis, whilst providing necessary reserves to make essential repairs to the stadium and ensure funds are held to guard against unforeseen financial challenges in future.

The financial year ending May 2024, saw a pre-tax loss returned of £131,811, an improvement of £224,023 on the prior accounting period.

 

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