WATFORD's accounts up to June of this year may have revealed a £4.5m loss, but, as chairman Graham Simpson explained, the deficit, budgeted and supported by recent share issues, was less than expected.
"There are no surprises," chairman Graham Simpson said of the accounts. "We always knew what the club needed to achieve. We needed to fund the losses which we knew were coming, through salaries we had to pay. We are two years into a five-year strategy to turn the club round. We are on line with my expectations."
Financial director Steve Simmons explained the basic facts about how the accounts had to be released by Strand Partners in accordance with laws governing companies, once the accounts were deemed in the public domain when submitted to printers.
"The accounts should be posted out to shareholders on Monday in time for the Annual Meeting on December 16. The loss is very marginally better than original expectation because of the good cup draws."
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