Allamhouse accounts...

They mainly sell to developing countries, 80% of their sales are outside the EU.

 

The sell-on is actually 15% (according to the HDM).

 

Hull City owners Assem and Ehab Allam see company profits fall further in 2019

Allamhouse Limited has published its accounts for the year ending December 31, 2019

Allamhouse Ltd, the parent company of Hull City owners Assem and Ehab Allam reported a pre-tax profit of £2.5m in 2019 despite showing an operating loss of £28.3m for the 12 month period.

The annual accounts for Allamhouse Limited, which encompasses Hull City, the engineering firm Allam Marine, the Stadium Management Company (SMC) and property development interests, have filed their latest set of accounts with Companies House covering the period from January through to December 2019.

The period covers the second half of last season and the first half of the current campaign for the Tigers, meaning the final parachute payments paid to the club following their relegation from the Premier League are included.

The report shows a marginal profit, down on the £4.3m profit posted for 2018, which in turn was down significantly on the £52.7m pre-tax profit posted a year earlier.

The latest records show Hull City as a business made a loss of £167,753 during 2019, despite the actual income rising from £12,344,172 in 2018 to £13,407,714 last year.

Payments to acquire players fell from £2,477,544 in 2018 to £1,111,647 in 2019.

The Stadium Management Company (SMC) recorded a loss of £1,855,151, which the owners say was in line with expectations due to the tenancy agreement with Hull FC.

The £18.5m parachute payment, down from £40.3m a year earlier, combined with almost £12.4m in player sales helped Allamhouse reverse their overall operating loss and post a pre-tax profit of £2,487,567. Those parachute payments have now ended.

The money incurred from the sale of players was the single biggest avenue for cash flow last year, with the holding company showing £25m in cash, with shareholder dividends totalling £3.8m paid out. The accounts continue to show Assem and Ehab Allam as the only directors of the company.

The strategic report, signed off by Assem Allam last month indicates the amount of money still owed to the Allams in terms of the initial loan when purchasing the club still stands at £50m, while a £45,000 donation was made to the Conservative Party.

In terms of the future of the company, the accounts state: “The directors are confident about the future prospects of the group as they believe careful control over the finances should lead to long-term success. The group has very low gearing and is well positioned for the future.”

https://www.hulldailymail.co.uk/spo...woW6c5dnerQXdD1O_Pp_GZG6Ona2ntmVv39xLmOvjCMvM

 

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