Falkirk chief Martin Ritchie: We can be optimistic about future despite £1m loss

FALKIRK chairman Martin Ritchie insists his club are on a strong footing for the future despite the Bairns' latest accounts showing a £1million loss....Reports the Daily Record

The figures were recorded in the year ending May, 2010 - a season that ended with Falkirk being relegated to the First Division.

The yearly accounts show turnover fell 28 per cent - from £5,366,277 in 2009 to £3,839,130.

But the most alarming figure is an operating loss of £917,133 compared to £379,099 a year earlier. However Ritchie insists the future is now looking a lot brighter for his club.

He said: "The year ending 31 May 2010 was a miserable one for us.

"We had entered it with a high cost base after the previous manager's push for a top-six place in the SPL.

"We were then hit by the demise of Setanta and at the same time the recession kicked in and our commercial income suffered. We were also facing the struggle for SPL survival.

"Had we made it, we could have said we got it right. We didn't so the money spent on the squad in January compounded the financial problems.

"Fortunately, our business has a strong base, no bank debt, a robust structure, a resilient supporter base and a supportive shareholder group.

"Looking to the future, we have grounds for optimism."