Yeovil Town Football Club today announced profits of £1.4million for the 2013/14 season when The Glovers were promoted to the Football League Championship.

The figures, to be released to Companies House this week, represent the best financial performance in the club’s history.

Receipts for the year were up £4.4m, as a result of our promotion from League One to the Sky Bet Championship. The main component of this increase was the Football League distributions, which were up £3.2m on the 2012/2013 season.

In addition to the increase in receipts was an increase in operating costs of £2.5m, including an increase in player related costs of £1.6m. The challenge now is to bring these increases back down to League One level.

Chairman John Fry said: “The figures have been greatly helped by the fact that there were no corporation tax charges due to accumulated historical losses, no share dividends have been paid and, because we no longer have a chief executive, those duties were shared between directors saving further overheads"

"On the pitch it was a great season for the supporters, playing for the first time in the second tier of the football pyramid we competed well against some of the biggest clubs in the country.

Mr Fry said the financial surplus from our brief spell in the Championship, combined with the receipts from the visit of Manchester United in the FA Cup, was expected to provide manager Gary Johnson with the funds for a top six finish in League One.

“The financial challenge we face this season and next, clearly illustrate the huge divide between the rich and the not- so- rich clubs in football, and only serve to highlight my recent comments on the introduction of the Salary Cost Management Protocol regulations, on League One & Two clubs. The relative fortunes of those at the very top and those at the foot of the League are getting further and further apart"

Fry said the 2013/14 season will certainly go down as one of the best in the club’s long history, both in terms of on the field performances and off the field commercial and financial management. Credit for the club’s success on reaching the Championship League must go down to Gary Johnson, his backroom staff and players.

"I would like to record my thanks also to our off field staff for their commitment and hard work during our Championship season and acknowledge the contribution made to the club’s success by our dedicated supporters and sponsors.