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Old 22nd October 2004, 10:16   #1
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Default Sheffield Utd slides deeper into the red

Sheffield Utd slides deeper into the red
By Michael Kavanagh
FT October 22 2004

Sheffield United, which last season missed out on the chance of promotion to the Premiership, saw full-year losses deepen as the football club's failure to repeat its dramatic performance of the previous season took its toll.
The club's pre-tax losses deepened from 411,000 to 1.63m for the year to June 30, with losses per share doubling to 0.02p (0.01p). Revenues fell to 11.8m (13m)
Kevin McCabe, chairman, said the previous year's revenues had been boosted by extra home games resulting from extended cup runs, "two major cup semi-final appearances, and qualification for the play-off final". He warned that the club could no longer rely on the profit from player transfers making up for operating profit.
But he was pleased with progress in controlling wage costs and in developing revenue after the collapse of the Football League's lucrative TV rights with ITV Digital in 2002. Sheffield United has launched a scheme aimed at creating links with China and is creating "an academy presence in this important football market".
No dividend is proposed. The shares closed unchanged at 9p.
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