In preparing this my last Chairman's Review I am pleased to be able to say the club is in good shape financially and every prospect for a successful season.

Last year may not quite have lived up to everyone's expectations but being realistic we did extremely well to reach the play-offs after reducing our payroll by some 25%. We also reached the 3^rd round of the FA Cup culminating in a "Sell Out" home game against Leeds United. A 2-0 defeat was not a fair reflection of the game and had we managed a draw the financial rewards would have been enormous. As it was we gave a good account of ourselves and all could feel justifiably proud of Scunthorpe United. Many lessons were learned regarding ticket allocation, which hopefully will not be forgotten.

Despite losing the Sky TV money from the Carlisle replay we have still managed to be in profit before depreciation and after provision for a further £12k shortfall in the Pension Fund. With this small profit, the introduction of a further £60k Share Capital and tight monetary control we have reduced our borrowings by over £200k. Depreciation is high following the Stadium revaluation and the Company has produced a loss of £163k after depreciation and player amortisation. There is still no room for complacency but this is certainly an acceptable performance and I would suggest creditable given the current circumstances.

Immediately the last season ended we installed an automatic pitch irrigation system, which has already proved invaluable during the recent drought conditions. Also during the year we embarked on a very ambitious project to build a "Study Support Centre" and additional office accommodation. The former has just been completed and has been recognised as one of the finest in the Country. The offices are running a little behind schedule but should be completed by the end of this month. During this extended building period the office and restaurant staff have worked in extremely dirty and noisy conditions. I would like to put on record my appreciation of their extreme tolerance and above all their hard work and good humour.

As a result of the lessons learned from the Leeds game I put forward proposals, which were endorsed by the Board for a ticketing policy based on Season Ticket Holders, and Loyalty Card Holders. This appears to have been well received as we currently have almost 900 Season Ticket Holders, an increase of 280 on last season and almost 1400 Loyalty Card Holders. We also have many more shareholders. This all bodes well for the future and I hope the ticketing policy will be administered in strict accordance with the rules and improved upon as and when appropriate.

Football is of course our prime function and I really do feel we have an enviable set up at Scunthorpe. Brian Laws is one of the best Managers in the Football League and in his 6 years he has never become complacent and is always striving for ways to improve every aspect of the club. Russ Wilcox, Paul Wilson, Nigel Adkins and Paul Longdon make up a very competent team and all are dedicated to raising this club to a higher level. Recently Peter Beagrie has added his unquestionable skill to the training side as well as continuing to torment defenders throughout the 3^rd division. To me he looks younger and fitter than last year! I have enjoyed working with them all especially Brian. I know I can rely on him 100%. I will miss the close involvement with the management and the players. Not only do they provide the football skills but they also create a vibrant and exciting atmosphere in and around the club. Whilst we incorporate no value on our balance sheet for home produced players I am confident we have a number of youngsters who have the ability to play at a much higher level and are a valuable hidden asset. I wish them well and hope they can earn the maximum their potential will allow.

As always I am most appreciative of the support we have received from our sponsors H & L Garages Limited and Mercedes Benz together with all the companies and individuals who have supported us in so many ways.

To my successor, Chris Holland and the Board, I wish them continued success and thank them most sincerely for the support they have given me over the past two years. I have every confidence that they will continue to improve the club whilst keeping careful control of the finances. It is no easy task, but Scunthorpe United is that bit special and deserves to progress while others may lose ground under the present difficult conditions.

In conclusion I would like to thank everyone, both full time, part time, and all those involved with Football In The Community and The Study Support Centre, who have helped Scunthorpe United to progress over the past two years. You have made my job so much easier. It has been a pleasure to work with you and to serve as your Chairman. You can be assured that Scunthorpe United will always be close to my heart.

Finally of course my thanks to all our fans who are the life and soul of this Football Club.