Exiles turnover up almost 75 per cent
NEWPORT County AFC expects to operate as a going concern after revealing its accounts at the club AGM.
The Exiles forecast no significant financial changes at the club despite net current liabilities of £286,973 and net liabilities of £733,552.
The level of debt has fallen overall from £812,044 in 2010 . County made a profit of £56,602 in 2011 compared to £32,199 in 2010. And turnover was up almost 75 per cent at £903,579 in 2011, compared to £521,562 in 2010.
The directors are confident that they will not be required to repay their debtors, including directors past and present, in the foreseeable future.
However, it was also revealed that there is significant doubt over the continued availability of some of the loans and significant outlay would cast doubt over the company’s ability to continue as a going concern.