WREXHAM FC is on course to make a profit for the first time since being taken over by Wrexham Supporters Trust (WST) in 2011.

Speaking at last night’s Wrexham FC AGM, financial director Mark Williams revealed the club was now operating at a profit and any unbudgeted income – such as income from the recent Stoke City FA Cup tie – could now be reinvested in the playing staff.

The AGM took place at Glyndwr University’s Catrin Finch Centre with  about 200 Trust members in attendance.

The club recorded an overall operating loss of £349,603 for the financial year 2013-14 (ending June 30, 2014). 

A key reason for the loss, according to the report, was a “failure to challenge for a play-off position during the 2013-14 season” and the cost of cancelling the contracts of former manager Andy Morrell and his team of coaching staff, “in order to prepare for the current season” under new manager Kevin Wilkin.

However, Mr Williams confirmed the former manager and his assistant Billy Barr agreed a compromise on their compensation.

The club’s operating loss increased from just £184,023 the previous year, although it was noted in the report that amount was boosted by £300,000 for winning the FA Trophy.

Mr Williams said only three home fixtures at the Racecourse during the 2013-14 season hit the gate receipt target of £18,000.

These fixtures were Welling United (opening game of the season), Chester FC and Alfreton Town (played on Boxing Day).

However, he said he now expected the club to make a small profit for the current financial year, with accounts up until December 2014 showing profit of £76,000, a highly encouraging increase from a loss of £36,000 on the same figures 12 months earlier.

“For the first time since the WST took over the club in 2011, we feel confident we will end this year in profit,” he said.

“We expect to make a small profit after players contracts have been negotiated in May and June.

“People ask me if we have a benefactor at Wrexham and I tell them we have 4,000.

“The supporters have invested over £700,000 in three years and remain crucial to the future of the football club.”

Four of the 11 home matches so far this season have hit the gate receipt target, with the 150th anniversary Grimsby Town fixture earning the club £55,000.

The new club shop development cost the club £90,000 but has already resulted in increased matchday revenue of 25 per cent.

The WST confirmed the £4,000 stolen from the club earlier this month was £2,000 in cash and £2,000 in cheques. It was described as a “one-off mistake that shouldn’t happen again”. 

The club confirmed police were unlikely get the money back or find the individual responsible.