Cambridge United's accounts have seen a significant improvement compared to figures from the previous year.

The club recorded a loss of £277,795 for the year ending May 2008, which was a £250,000 improvement. Turnover was up 62% to £1,878,184. The full details and figures, ratified by independent auditors, will be made available to the shareholders of the company ahead of the AGM in January 2009.

Chief Executive Norman Gautrey explained, "The improvement is significant and confirms what we already knew - we're heading in the right direction.

"We're delighted to see the huge reduction in losses, but remain mindful of our target to achieve a breakeven point at the club. When you consider these figures include the £200,000 annual ground rent we pay to Bideawhile, the progress being made towards this aim is even more evident."

The U's enjoyed a successful time on the pitch during the financial year, finishing second in the Blue Square Premier League, reaching the third round of the FA Cup, and narrowly missing out on promotion back to the Football League after losing 1-0 to Exeter City in the Play-Off Final in front of over 22,000 U's fans who made the trip to Wembley.

Norman explained, "Whilst the success of last season underpinned a large proportion of the improved finances, there was also a significant increase in the playing budget from January 2008 onwards. This was as a result of the unbudgeted income from the progress in the FA Cup as well as the loan and subsequent sale of Scott Rendell to Peterborough United.

"The decision was made to support the manager and invest additional funds to aid in the push to reach at least the play-offs and secure the financial rewards and hopefully promotion. The increase in spending was also underwritten financially by the Board of Directors should we have failed in reaching the play-offs and the associated financial rewards."

Despite the current worrying economic climate and 'credit crunch', Norman is confident the club's finances are not only in their most stable position for over a decade but will show continued improvement in the current financial year.

He explained, "We're very confident that with the re-structuring which took place following the end of the 2007/8 season we have reduced expenditure and improved efficiency in the general operation of the football club.

"In addition to this, we have welcomed income streams such as the Dave Kitson sell-on settlement from Reading and the Michael Morrison transfer fee from Leicester, which we also hope will bring additional funds in the coming months and years. Along with hopefully another successful season on the pitch and increased attendances, we can predict with a degree of confidence the accounts ending May 2009 will show further improvement on our already stable financial position."

Terry Baker, acting Chairman, added the following message: "We're heading in the right direction. Attendances and gate receipts are rising, season ticket sales are 20% up on last season and there is a positive energy around the club.

"The dedication and loyalty of all our supporters, staff and volunteers has seen the club through some pretty dark times in recent years, make no mistake. It's my hope we can use that same dedication and loyalty, which kept the club going, to lay the foundations of a bright, prosperous and flourishing future, both on and off the pitch - all of us moving forwards together as a team."

However, Terry is adamant that no undue financial risks will be taken and reminded supporters of the long-term plan to bring success to the football club: "It's all about steady and sustainable progress on and off the pitch over a number of years. Last season we achieved more than we could have possibly dreamed of and that has unquestionably raised the expectation levels.

"It's important we all remain patient, behind the team and focussed on the long-term plan. We will not rush things or take risks which could threaten the stability or future of the club."

In a final message aimed at local businessmen and companies, Terry enthused, "Cambridge United is now a club going places. We have gone from the brink of liquidation three years ago to a thriving hub of community activity.

"We see hundreds of local children learning numeracy and literacy skills at our Learning Centre, thousands of youngsters go through the Football In The Community (FITC) coaching programmes each year and the Junior U's storming onwards and upwards towards 2,000 members.

"We are acknowledging and rewarding deserving members of our community through the 'Smile' scheme and highlighting the work of vital services such as the Armed Forces, Fire, Police and Ambulance through the South Stand Imitative. We have invited over half a million local residents to a match free of charge in the last three years and introduced hundreds of local families and children to our football club as a result.

"We are moving forwards with a passion, desire and belief the likes of which I've seldom seen before. There has never been a better time to get involved with the U's. We are actively looking for local people with the skills, experience and finance to come and complement the board of directors already in place to help us achieve our goals even faster."

Any individual or business who would like to discuss getting involved further should contact Norman Gautrey at the club in the first instance on 01223 566500, or e-mail norman.gautrey@cambridge-united.co.uk

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