Newport County AFC have recorded a profit this financial year after two years of losses. 

The Exiles latest accounts confirmed a pre-tax profit of £25,060 for the financial year ending June 30, 2024.

For the previous financial year ending in June 30, 2023, they had a loss of £913,306.

For the year before that it was even greater (ending in June 2022), with losses of £1.231m. At that point the club said "robust action" would be taken to resolve the financial woes.

This year's turnover was up to £4.588m compared to £3.463m the previous year, with operating costs at £4.563m compared to £4.382m in 2023.

Matchday income and commercial revenue combined increased from £1,415m (2023) to £2,011m (2024).

The 2023/24 season included a memorable FA Cup run that saw Manchester United visit Rodney Parade in the fourth round, which provided a vital financial boost and positive publicity for the club.

The club stated on Monday: "For clarity, the accounts do not include compensation for the departure of manager Graham Coughlan and assistant Joe Dunne, or the sale of Will Evans to Mansfield Town."

Huw Jenkins OBE who purchased 52% of the club from the Supporters Trust (27%) in January 2024 for £500,000.

Today, Mr Jenkins said: “After two very difficult trading years, we are slowly seeing some light moving forward which is encouraging for everyone connected to the club. It’s also some small reward for all the hard work and commitment shown by staff and volunteers that work tirelessly for our club.

“While we have also cleared a substantial amount of aged debt, there is still a great deal of work to do to ensure the club achieves financial stability and sustainability for future generations of our supporters.

“Fixed costs remain extremely high for a League Two club and additional Director loans have since been injected to ease cashflow. Lack of training facilities is also a constant issue and will have to be addressed moving forward, especially as future profitability remains in the balance without on-pitch success, player trading and increased commercial revenue.

“While there is still a lot of work to do on and off the pitch to achieve sustainability, the club has been encouraged by the progress already made, including an increase in season ticket and matchday sales, commercial revenue, and cost control savings via strict accounting processes.

“The Board would like to place on record its thanks for the ongoing support it receives from the Supporters Trust, commercial partners and its loyal supporters.”

County said their accounts will be posted on Companies House within the next few weeks.