Aberdeen register £533,000 profit despite record wage bill
The Dons' revenue increased by nearly £2m after strong season and sale of Jonny Hayes.
Aberdeen recorded a profit of £533,000 in the last financial year as turnover rose by nearly £2m.
The Dons' second place finish and appearances in both cup finals helped increase revenues from £13.414m to £15.281m.
The Reds' coffers were also boosted by the sale of Jonny Hayes to Celtic.
On-pitch success came at a cost, however, with the wage bill rising from £6.817m to a record £7.761m following a recruitment drive by manager Derek McInnes.
Operating profits were diluted as a result, but stayed consistent with the last four seasons.
In a letter to key shareholders outlining the main points, chief executive Duncan Fraser lauded the work of McInnes and his squad.
He said: "The 2016-17 season was one of the most successful in recent years.
"Finishing second in the league for the third successive season and reaching both domestic cup finals reflect the great effort by Derek McInnes and his team of players.
"It is just disappointing that their exceptional effort did not result in silverware."
He added: "The reshaping of the first team squad during the summer involved a great deal of work with a number of players coming in and out as well as players already here committing their immediate futures to the club."
Aberdeen took on £3.3m of additional investment into the club and the AFC Community Trust, which came courtesy of a £2.5m injection from Dave Cormack and £775,000 boost from Tom Crotty.