Gills profit despite relegation

Scally is delighted profits have risen by £150,000 in a year

Gillingham Football Club have made an annual profit of nearly £400,000, despite being relegated to League Two last season.

Annual turnover was up by £150,000 on the previous year to over £800,000.

Chairman Paul Scally said: "I am delighted that all the efforts made by the staff over the past financial year have shown to be fruitful.

"Whilst relegation was disappointing we continue to make every effort to trade successfully in challenging times."

The club has also confirmed it has completed its restructuring in conjunction with bankers HBOS, which involved the sale of Priestfield Stadium.

In a statement the club said: "The costs of the restructuring, together with the book losses on the property transfer amounted to in excess of £1.2m and are shown as 'one off' exceptional items within the profit and loss account.

"The new structure will allow the club to continue its trading improvements without the same burden of bank debts."