United announce profit
Dundee United have announced a net profit of £1.45m for the year to June 2012 having also reduced their current bank debt and directors' loan.
That figure was though significantly boosted by the sales of striker David Goodwillie to Blackburn Rovers and midfielder Scott Allan to West Bromwich Albion as the club record a profit of more than £2m in transfer deals.
Revenue overall actually fell by 3% to £5m while the ratio of wages to turnover increased slightly from 74% to 76%.
"It is pleasing to be able to report a healthy net profit and a significant reduction in bank borrowings," chairman Stephen Thompson told United's official website. "It is particularly pleasing that the financial position has improved as a direct result of our long term investment in the Club's youth development policy, which produced the receipt of significant transfer fees during the year from the sale of David Goodwillie and Scott Allan.
"It is equally encouraging that astute signings by the Manager and the introduction of further exciting youth development players not only allowed the team to remain competitive, but also provides optimism for further financial improvement," he added. "This underlines the importance to Dundee United of having a strong and vibrant youth policy."