SAINTS have filed their financial accounts for the year up to June 2024 and have recorded a post-tax and interest profit of £5.7million.

The financial accounts of St Mary's Football Group, under which the operations of the club fall, were published by the club on Friday afternoon.

The 2023/24 financial year covers the club's first season competing in the Championship since 2011/12, following relegation from the Premier League.

The group recorded a pre-tax and interest profit of £36.4m and a post-tax profit of £5.7m, following five successive years of reporting losses.

RECAP: Saints post £87million loss in 2022/23 financial accounts

This is attributed mostly to profit on player sales in summer 2023, including Romeo Lavia, Tino Livramento, Nathan Tella and James Ward-Prowse.

Profit from all player trading was £72.4m, as total receipts on the sales of players was £123m, compared to just £7.4m in the 2022/23 season.

On the flip side, the charge of amortisations of Saints players paid was £51.1m, a marginal decrease from £52m in the previous season.

However, turnover was £84.8m in 2023/24, a £60.7m decrease from £145.5m during the previous financial year, due to broadcasting rights payments reducing from £108m in the Premier League to £55.9m in the Championship.

Operating costs for the year were £122.4m, meaning the group's operating loss before player trading was £35.9m, compared to a loss of £26.2m in 2022/23.

Commercial revenue fell by £5.5m, from £15.6m to £10.1m, due to a drop in the club’s partnerships revenue, most notably the amount received from the main sponsor.

Match day revenue fell from £19.2m to £16.2m, while Saints did receive £1.7m in compensation payments from third parties during 2023/24.

These payments are likely to made up whole at least partly by former director of football Jason Wilcox's move to Man United in April 2024.

The accounts also reveal Saints later entered into transfer agreements with a net spend amounting to £46.8m for players in the 2024 summer window.

Wages of everyone at the group totalled £70.7m during the 2023/24 financial year, down considerably from £106.7m during the previous year.

READ NEXT: Saints set to part ways with head of recruitment

The monthly average number of employees at the group reduced from 442 during the previous financial year, to 387 during 2023/24. 

The group ended the season with 370 full-time employees, including players and scholars across men and women's football programmes.

Meanwhile, remuneration of the group's directors in wages totalled nearly £2million, down from nearly £2.5m the previous year, while the most payable to a single director was £1.28m.

Saints made payments worth £23.8m to bring the amount owed for the bank loan taken out with MSD Holdings in 2020 down to £69.6m.

However, the group has since uplifted the facility back to £80m and refinanced it on more favourable terms with regard to interest and capital payments.

Capital expenditure investment during the year is understood to cover stadium improvements, including WiFi upgrades, CCTV installation, the creation of the Northam Fan Zone and introduction of safe standing. 

The group is considered a going concern - financially stable enough to meet its obligation - as is normal for many football clubs. 

Writer's view 

It is positive to be recording a profit for the first time in half a decade but clearly, that is down to chiefly one thing - a lot of high-value player sales.

An operating loss of £35.9m before player trading, and a net spend of £46.8m in the 2024 summer transfer window since, are key to consider.

The club are expected to yield better figures in terms of commercial, match day and non match day revenue next season when compared to 2023/24.

However, Saints recouped a lot of money in sales after relegation in 2023 and will need to do so again this time - fortunately, they have high value assets.

Technical director Johannes Spors has said Saints can act in the market if they want to, but they will have to carefully consider their spend again. 

In the absence of major player sales, the 2024/25 financial accounts are much more likely to reflect that of those in previous years than 2023/24.