Morton show six figure profit for last financial year

And while the club is on course to make a financial loss during the current financial year, club bosses say they regard the loss as a 'manageable' one.

The club projected a net profit ahead of their 150th year (Image: alex craig) Finance director Michael Harkins issued a club update ahead of Friday night's game against Ayr United at Cappielow.

Mr Harkins revealed that the club had a 40 per cent increase in income over the last twelve months, which he said was in large part down to Dougie Imrie and his squad winning through enough cup ties to secure money-spinning matches against Rangers, Motherwell and Hearts within the space of a few months.

Those three lucrative ties, which were described as 'key drivers' for the upturn in income, coupled with a consecutive fifth placed finish in the Championship, saw the club bank slightly more than £2.1 million during the 2023-24 financial year, compared to just over £1.5m in the previous 12 months.

Mr Harkins said: "In the League Cup we played Rangers, which brought us in a lot of money just from one game and then in the Scottish Cup we had a very good run which saw us attract big crowds at home to Motherwell and Hearts.

"These are reflected in our gate receipt and prize money figures."

The rise in income saw the club record a profit of more than £190,000 despite battling with a  rise in running costs - most notably utilities, back office and medical costs, the latter the result of the crippling injury crisis that boss Dougie Imrie suffered midway through the season.

Medical treatment for players, five of whom had to undergo surgery in the course of the year, cost the club £90,000 during 2023-24.

Mr Harkins added: "It was just horrendous with the amount of injuries that we suffered and the costs associated with them.

"Despite the inflation in running costs and other legacy items that were acquired before the MCT takeover, the club managed to record a profit of £190,023. I think that's a very good achievement."

Mr Harkins says Morton still have a good deal of work to do if they're to meet their target of breaking even for 2024-25 following a summer of big changes at the club, with a new look squad bedding into their new surroundings

He added: "It's a bit early to say, but I think the club are looking at a manageable loss. I'd say there's still quite a bit of work to do to try and get us to break even.

"It was disappointing to go out in the League Cup group stages, although we had budgeted for that. We budget conservatively.

"We're still in two cups, but we've got two difficult fixtures coming up there.

"We've budgeted to finish in eighth place in the league. We hope to finish above that, although we are conscious that a rebuild has been needed.

"We do need to be patient, and unfortunately again we've not had too much like with injuries."

Mr Harkins went on to revealed that the club's main sponsor, Dalrada Technology, headed by Greenock-born Brian Bonnar, is on course to invest £1 million of vital funds into the club after less than just three years of sponsorship.

The tech company increased their contributions from slightly less than £100,000 in their first season involved in the club to a figure of £313,859 in 2023-24.

Their contribution this season will take their commitment up to seven figures in the course of those three years.

Mr Harkins said there might not still be a full-time club in Inverclyde without Dalrada's backing - before revealing just how shoestring Dougie Imrie's budget really is.

He added: "We've got a very good relationship with Dalrada. They're very keen to stay involved and see the club progress.

"We owe them a big debt of gratitude because I think it's clear that the numbers show us that without their investment and support, it would be difficult to sustain a full time club.

"Teams in the Championship have crowds that are two or three times the size of ours. That's what we're competing against.

"If we were to get an extra 1,000 paying adults through the gates, it would represent around £375,000 increase a year, which is around half of Dougie's playing budget."