A profit is a profit even if the drop from the previous year is eye watering.

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The team behind the Buddies are best of friends just now as they have managed to deliver profits of just over a £1million for the last financial year. The club managed to stay in the black but the profits were down 90% on the £10m they managed the previous year. Most of the income was generated by the sale of Love Street and chairman Stewart Gilmour was pleased with the financial performance considering the financial climate. St Mirren's figures showed a profit after tax of £1,064,433 compared to £10,027,406 last year while the wage bill has increased from £1,958,411 to £2,463,911.

Gilmour said: "This has been a very difficult year for all clubs. The demise of Setanta impacted on us financially and we have written off £100,000 of what we would otherwise have expected during the season. My thanks go to Gus MacPherson, his assistant Andy Millen and all the coaching staff and players for their continued efforts to establish us as a permanent fixture in the SPL."
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