Hull City owners Allamhouse reveal full profit and loss in new accounts

By Hull Daily Mail | Posted: 18 May 2017

A challenging year saw gross profits at generator manufacturer Allam Marine drop by almost a quarter in 2016.

Accounts published for Allamhouse Ltd, the parent company of Allam Marine, Hull City, the Stadium Management Company (SMC) and a property development portfolio, reveal a net loss for the group of £6.2m – down from a £7.9m profit in 2015.

Sales at Allam Marine were also down 12.4 per cent, to £70m, compared with £80m in 2015.

However, the football club enjoyed a gross profit of £29m – up 78 per cent on the previous year, with pre-tax profit at the company's property development arm also up 1 per cent, to £525,751.

The report shows £6m in dividends was paid to directors Assem and Ehab Allam, and £100,000 was donated to the Labour Party leadership campaign.

Substantial charitable donations were also made by the group during 2016, including £1.7m towards the University of Hull's new medical school, and £1.2m to Hull and East Yorkshire Medical Research Centre for a PET CT Scan Centre.

The directors say they "are confident about the future prospects for the group".

GENERATING CONFIDENCE: Director Ehab Allam, pictured here at Allam Marine in Melton, says he is confident about the group's future prospects.

In the report, which was written before Hull City were relegated this month, director Dr Assem Allam said: "The final quarter of the year saw an increase in demand for generators and the promotion of the club to the Premier League will see a return to profitability for the club.

"The group has very low gearing and is well positioned for future growth."

Allam Marine makes components for generator assembly firms across the globe.

It employs about 40 people at its factory in Melton.

Dr Allam founded the company following a successful career in accountancy.

Graduating from Ain-Shams University in Cairo in 1960 with a BSc in accountancy, he went on to complete a post graduate diploma in business administration before working as a senior auditor in the Ministry of Finance.

After settling in East Yorkshire he was accepted for the masters degree programme at the University of Hull's department of economics, and worked as an accountant at merchant banking group Charterhouse before founding Allam Marine from scratch, growing it into one of the region's most successful manufacturing firms.

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