The graph below shows the reported profits of Kilmarnock.
It is clear that apart from the last three years there have been no profits, only losses.
The 2006 profit came from the year in which Kris Boyd left. The 2007 profit came from a big one-off increase in the value of the ground, which added £745,000 in to the pot. The 2008 again looks good but this time from the sale of Naismith.
There were a couple of one-offs in the 2008 results with the £2m for Naismith, a £500,000 sale of some land. These two items are pure profit and suggest that the underlying result for the year would have been close to a £1m loss without them. The football results for 2009 look to be pretty similar to those for 2008.
The total losses made over the 9 years shown is just under £5.4m, a horrendous situation. Things do seem to be on the up though.
If there is a potential issue just around the corner it could well be the status of the hotel and the other non-football related parts of the business. If there is an economic downturn then places like hotels and leisure facilities may well be hit hard.
