Shareholders of the Palmerston Park club received their annual accounts letter last week, showing a profit of £84,000 before tax.
The unexpected sales of players Darren Brownline and Faissal El Bakhtaoui last January was a main factor for the profit and the club say this “greatly assisted our ability to initially ride out the lockdown”.
The previous year’s accounts for the Dumfries club showed a profit of more than £60,000 which was mainly attributed to a run to the Scottish Cup last 16.
The statement read: “We would, however, have preferred to retain both players, and there is little doubt the team suffered for their loss in the few weeks we played on afterwards.
“In addition, we were able to furlough the entire staff for a period and lock down facilities, ensuring wages were covered and ongoing running costs were minimised.
“The club accounts show a profit for last year of £84,000 before tax. This is an improvement on the previous year although, for obvious reasons, this does not really compare directly with the 2018-19 season.”
The statement also highlighted that the Championship club is “likely” to report a significant profit next year due the sale of former striker Lyndon Dykes to English side Queens Park Rangers.
This meant the club was entitled to to receive a significant six figure sum as a result and allowed them to keep the club playing full-time football behind closed doors this season.
“Clauses included in the deal when he [Dykes] moved to Livingston saw the club entitled to receive a significant six figure sum as a result, and this allowed us to keep the club playing full time football behind closed doors, even before later significant Government support was announced at Christmas.
“It is likely that the club will report a significant profit in the 2020-21 season as a result, although there is so much uncertainty in the game at the moment that it is difficult to make any predictions with real confidence.”
Meanwhile, the annual general meeting will take place on Thursday, February 25 but vice chairman Craig Paterson confirmed it will be a closed meeting.
He added: “Unfortunately, the present restrictions on public gatherings mean we will be unable to hold an open meeting to shareholders and so, as other have done, this will be a closed meeting. Shareholders will not be able to attend in person.”
The club announced that they will allow submission of any relevant questions from shareholders in advance by email. Answers to the questions will be published on the club website following the meeting.
Also, the Queen of the South Tanner Fund — which is an extra transfer kitty that would help the club with future transfers — has raised almost £15,000 in just over a year.
Anyone wishing further information on the QOS Tanner Fund should email QOSTannerFund<\@>hotmail.com or visit the Tanner Fund Facebook page.
