St Johnstone's accounts have revealed an impressive six-figure profit posted by the club for the financial year ending May 31, 2024.
The Perth side have pulled off the off-field success just 12 months on from recording an operating loss of an eye-watering £2.1m.
The club's account have revealed that there is £2.8m sitting in the bank at McDiarmid Park.
Stan Harris wrote to shareholders in his report.
He said: “Unlike many of our contemporaries, we hand over a club to Adam Webb that carries in excellent health with strong cash reserves and ready to face a 16th consecutive season in the SPFL.
“We all owe Geoff and latterly Steve (Brown) a huge debt of gratitude for showing Scottish football that it can be done.
“We are delighted that Adam and his investor group have taken on the task as custodians of this amazing local institution. We wish them every success.
“The last couple of seasons in Perth has shown that without tight control even our club can get caught up in overspend.
“That said, we vigorously implemented the stretching cost controls mentioned in last year’s report and managed to reduce our losses by £2.2m from the underlying £2.1m loss from season 22/23 (which was reduced to £1.5m after a donation from the club lottery).
“Along with some fortuitous tailwinds and the tremendous work behind the scenes, everyone involved in the club should be rightly proud of their input in achieving this result.
“We have posted a profit of £110k for season 23/24. A stretching but realistically achievable budget has been set to break even in season 24/25.”
Saints were made to count one major cost in particular, as revealed in the account.
They were forced to fork out £240,000 in a transfer fee for William Sandford, who signed in the summer of 2022, but didn't make a single appearance.
The player was signed from IFK Gothenburg in what Saints believed was a free transfer.
They were later hit with a bill for training compensation. An appeal to FIFA failed, which left the Perth outfit needing to cough up.
St Johnstone are currently bottom of the Scottish Premiership. Simo Valakari's side are eight points adrift from Hearts who currently occupy the relegation play-off spot.
