NEWPORT County AFC have admitted that they would have made a loss of £350,000 during the 2017-2018 season if it were not for their FA Cup success.

County made a loss of £351,456 during the 2016-2017 season, but they reported a profit of £82,680 for the year up to June 2018.

The Exiles made between £700,000 and £900,000 from their run to the FA Cup fourth round in 2018.

But a big increase in the cost of playing at Rodney Parade, as well as costs relating to the cup run and to the academy, meant that the overall profit was limited.

A statement from the club reads: “Newport County AFC has published its annual accounts for the year ending June 2018.

“The accounts show the club made a profit for the year, thanks largely to its run to the fourth round of the FA Cup, which ended in a replay defeat against Premier League Tottenham Hotspur at Wembley.

“County’s turnover increased by £906k compared to 2017 primarily as a result of the cup run.

“Without this additional income the club was on course to suffer a further loss of £350k for the year.

“Operational and other costs incurred as a result of the FA Cup run were £264k and stadium and pitch-related costs increased by almost £203k compared to the previous year.

“The net profit for the year after deduction of these and other costs was £82k.

“The Junior Academy was incorporated into the club during the financial year.

“This contributed both to the turnover and costs increases, included adding 32 to the average staff numbers for the year ending June 2018.

“Average staff numbers always include directors, even If they are unpaid.

“For clarity, all club directors – whether elected or co-opted – are volunteers and none receive any salary or expenses.”

In assessing that the Exiles can continue operating as a going concern, auditors HSJ said the club "are looking to reduce unnecessary costs."

"During the 2017-2018 season, the club experienced improved performances on the field which included a successful FA Cup run and resulted in a profit for the year ended 30 June 2018.

"The board have prepared financial forecasts for the year ended 30 June 2019 and following the successful FA Cup run again by the club in this years' competition and with the likelihood of remaining in the Football League, the board anticipate the club will again make a profit for the coming financial period.

"The board have also prepared strict budgets for the 2019-2020 season with a view to reducing unnecessary costs and increasing revenue streams into the club."