Sevco has submitted unaudited interim figures, on the very last possible day, at the very last possible minute, and as per usual they are ghastly. They report an operating loss, for the first part of the season, the part where the money comes in, of £0.9 million.
And that might well be a massaged figure; I’ve not properly drilled down into them yet.
Last year, the media tried to spin horrendous figures as the club moving into profitability. This cannot be spun in any way other than to label the club a financial disaster area. It really is that simply. These numbers are appalling; bear in mind that for the same period, Celtic posted figures that smashed through all previous figures and reported profits of £17 million.
To say that they are miles behind us does not do justice to the situation.
Sevco might well have done enough with this pony show to satisfy the SFA; unaudited accounts are, to be blunt, grounds for the license being knocked back. But if it is left to our intrepid association that is not going to happen, although it should.
My initial impression of these figures is that Sevco is a club in dire trouble.
Without the directors loans they are toast.
These accounts put the total number owed to their own directors at £17 million. I can’t see how they can do a debt-for-equity swap that erases that short of something that renders every other share in the club worthless.
And those loans, quite literally, are all that’s keeping on the lights.
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