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Forest accounts
Posted by Ltfc39 on 29/3/2024, 9:06:47
Released (finally) overnight with Companies House.
Revenue £155m up 420% Wages £147m up 147% Underlying loss £62m up 20% Employee costs £145m Player purchases £170m Player sales £5m Creditors due in the next accounting period £159m of which £46m are due in transfer payments Creditors due after the next accounting period £120m Owner debt increased to £23m Forest’s total losses over the years now £185m
This is exactly the reason why PSR is in place - for basketcases like this.
Also, another snippet in the accounts - seems like the auditors requested more information than usual to confirm that the business is viable as a going concern. The club is heavily indebted, and they asked the beneficial owner to provide a letter confirming they have no intent to recall the loans in the next 12 month reporting period. Regardless of promotion or relegation, there is an ongoing funding requirement (admittedly, this isn't any different from LTFC over the last 10 years).
Weirdly, at YE, Forest only had £92,000 in the bank. And the previous year only £6,000. This is highly unusual. Even in the NL years, LTFC generally had ~£1M of available capital at YE.
My biggest beef with Forest at the moment, is the continuing belief that they are doing nothing wrong. The reality is that they've been a basketcase for years and they've been pushing the boundaries throughout. It isn't just YE June 2023 that this has been a problem:
Profit for the year: 2023: -£67.2M 2022: -£45.6M 2021: -£15.5M 2020: -£15.9M 2019: -£25.1M Last 5 year cumulative losses: £169.3M. I would also note that in the year that they were promoted to the Premier League, the last time that LTFC were in direct competition, total expenditure was close to £80M (that's eighty million). Turnover plus player sales came to about £34M.
Forest's board have more front than Brighton the way they're trying to argue this.
Re: Forest accounts
Posted by MG on 29/3/2024, 11:07:24, in reply to "Forest accounts"
An appeal set against that background might be a shade difficult to win you would have thought.
Re: Forest accounts
Posted by Philthehatter on 29/3/2024, 10:36:44, in reply to "Forest accounts"
Not difficult to see why they are desperate to stay up. Would love to send them down them down.
They are in deep shit if they go down, unless the owner sticks his hand in his pocket. Their debts are going to sufficate them. But, as it's been proven, even in the league below, they've been living way beyond their means.
Even if they do stay up - this summer is going to be painful for them. They just cannot afford to sign players without reducing their costs. And probably need to sell a player before 1 Jul 2024 without going in front of a brief again. The way they are spending is probably equivalent to a top 6 side.
Re: Forest accounts
Posted by ELH on 29/3/2024, 9:53:07, in reply to "Forest accounts"
Bonkers figures. Whilst most clubs are dependent on owner funding (including Luton at least until this season), the scale at Forest is crazy. Sure they have a billionaire owner who can fund it, but if something happens to him or his business they would need to find some other billionaire or sovereign wealth fund who is interested on spunking their money up the wall.
I wouldn't read anything in to the low cash value. Presumably they have a readily available debt facility that will charge more interest than they can earn on their cash, so it would make sense to keep cash to a minimum.
They have a couple of debt facilities - but these are charging at something like 6.5% above the base rate! They already owe I think £12m in the next accounting period to these creditors.
Re: Forest accounts
Posted by Herts Hatter on 29/3/2024, 9:35:51, in reply to "Forest accounts"
As Luton supporters we want to see them go down and the points deduction helps. But in terms of football as a whole it is just stupid to highlight them rather than every other club that is spending above their means because the PL is out of control as a competition. Man City pay Haaland £4m per month and they will probably win another Treble this year. Basically all clubs and supporters outside the "Big 6" should telling the big clubs to F off. Forest are just pathetic wannabes but they really are not the problem here
Why would they though when the other clubs are also benefiting from their appeal. If those 5\6 clubs suddenly left youd be left with a highlights package at midnight on Quest or itv4
Re: Forest accounts
Posted by Herts Hatter on 29/3/2024, 11:00:48, in reply to "Re: Forest accounts"
Clearly clubs are not "benefiting" if Notts Forest feel the need to run a £40m operating loss just to stay in the PL and make up the numbers. 30 - 35 years ago Forest would be in the conversation for winning the League - there is zero prospect of that now
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