Aberdeen announce successful financial year with Â£500k profit

Aberdeen have announced successful financial results. Picture: SNS/Paul Devlin

The Pittodrie club were runners-up to Celtic in the Ladbrokes Premiership as well as the two domestic cup competitions, and those performances have seen strong financial results from the 2016-17 season.

Accounts revealed by the club show an increase in turnover of almost £2million, while operating profits remain at £533,00 consistent with returns of the previous four years, despite an increase in the wage bill.

In a statement on the club website, chief executive Duncan Fraser said: “The 2016-17 season was one of the most successful in recent years. Finishing second in the league for the third successive season and reaching both domestic cup finals reflect the great effort by Derek McInnes and his team of players. It is just disappointing that their exceptional effort did not result in silverware.

“The reshaping of the first team squad during the summer involved a great deal of work with a number of players coming in and out as well as players already here committing their immediate futures to the club.

“The overall turnover increased by almost £2millon, down to the appearance in both domestic cup finals and the net sale proceeds from the transfer of Jonny Hayes to Celtic.”

Chairman Stewart Milne revealed £3.3million extra investment into the club and AFC Community Trust from American investors as they look to finalise plans to move away from Pittodrie.

He said: “We have invested considerable financial and management resources into getting the planning application for Kingsford to its current stage, and this remains the most critical aspect of determining the future of our club.

“This has been frustratingly delayed by around 10 months, but we are now in a position of having the most robust case for our plans with a definitive date for a decision by the end of January.”