Hull City owners move back into the black

Hull City owner Allamhouse has reported pre-tax profits of £52.7m after dropping from the Premier League this season – a year on from reporting pre-tax losses of £7.2m.

Posting its annual results to 31 December 2017, the firm also said its turnover had risen from £151m in 2016 to £184m in 2017. The owners had been faced with a £10m bill for the football club’s promotion into the Premier League and saw their financials plummet during their time in the top flight; the firm made a loss of £7.2m, plummeting from a profit of £9.4m in 2015.

The football club was in the Premier League during the 2016-17 football season but were relegated to the championship after finishing 18th.

Allamhouse said the results reflected the profits achieved on the sale of players in the July 2017 window.

Its engineering division reported a good year, with sales increasing 28% to £90m. However, cost of sales also increased 27%.

The firm said: “With the Club dropping down to the championship, a number of players were sold and purchased. Although the results have not reflected the efforts made by management and staff, the directors are confident that their long term approach financially and personnel wise will prove fruitful.”

Pre-tax profits in its property development division dropped to £407,000 from £525,000 the year before.

During 2017, the firm contributed political donations of £20,000 to Rt Hon David Davies MP and the Labour Party Hull West.