DAFC Accounts for the year ending May 2011

DAFC have reduced their operating loss from £1mn to £374,000 - turnover has improved by 31%

The Board of Dunfermline Athletic Football Club has recently approved the Financial Statements for the season 2010/11 and the accounts are currently in the process of being sent out to Shareholders.

The operating loss of over £1m in 2010 has been reduced to £374,000 despite the payment of bonuses of £185,000 which were associated with the Club's promotion to the Scottish Premier League. The underlying operating loss was therefore £189,000 before interest.

This significant improvement was a result of concentrated efforts to further reduce overheads and despite the continuing economic climate the Club was successful in increasing revenue from virtually every income stream compared to the previous year. Turnover improved by 31% compared to 2010.

Chief Executive Bill Hodgins said "It was through enormous hard work by all staff and especially those in hospitality, sales and l marketing that enabled us to improve our financial situation and a great deal of praise also has to go to the football management staff who secured promotion to the SPL with the same financial resources as the previous year. Obviously more work is required as we aim to achieve a small surplus this season and then to build upon that for future years. This will still be challenging, given economic conditions, the impact of the postponement of our Kilmarnock game followed by the recent insolvency of Rangers FC which could also impact on other member clubs."

The Club continues to develop its youth football through our subsidiary Black & White (Dunfermline) Limited and our Head of Youth, Stephen Wright and his coaching staff are all working extremely hard to generate exciting prospects for the future. Our community-coaching programme continues to grow and we currently deliver classes to over 700 children per week throughout Fife.

Our training facility at Pitreavie Playing Fields will hopefully at long last see the installation of a full size 3G artificial pitch in the autumn of this year and this will be an enormous asset to the wider community as it will be open for public use, run by our charitable arm, The Pars Trust.

Chairman John Yorkston said "As always we are enormously grateful to all our supporters for their loyal commitment and especially to all the Directors, staff and sponsors and friends who worked tirelessly to make promotion possible last year and for their continuing support as we currently aim to retain our position in the SPL".