Millwall reports a preliminary pre-tax loss

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The Championship club has reported a preliminary pre-tax loss of £0.103m for the year ended May 31 2004, compared to a loss of £4.68m in the year before. Turnover increased from last year’s £6.50m in over 56% to £10.16m while operating expenses raised 17% to £12.10m. Net debt reduced from £2.55m to £0.845m, and the board did not propose a dividend. £3.2m were generated from the FA Cup alone, mainly from gate receipts and related income, prize money and television facility fees. The team reached the FA Cup final and secured its first European campaign. However, club chairman Theo Paphitis was very disappointed from TV income of the first UEFA Cup match with Hungarian Arany Aszok Liga club Ferencvaros, which were sold to cable channel Bravo for only £10,000, and claimed it is unlikely to break even. Paphitis also announced his impending departure from the board and explained that due the increased demands on his time from his other interests, he feel that the time is right to hand over the reigns to someone else who has the time, drive and ambition to continue the progress. The club recently released a statement to the London Stock Exchange that it has launched a share issue of 500m Ordinary Shares via Seymour Pierce, the company’s broker, in a bid to raise £0.5m of working capital.