DESPITE having just one trophy to parade as opposed to four the previous year, cautious optimism was the keynote at Saints' annual meeting of shareholders on Friday.

Reporting a profit of £293,314 chairman Tom Ellard said: "During a period of great change, in which some clubs have gone out of existence or lost their grounds, and with the future of others hanging by a thread, Saints' situation is commendable.

'We are not down on our uppers and intend to continue to work hard for further success, and I am greatly encouraged by the flow of young talent at Knowsley Road, including James Hitchmough, Michael Loughlin and John Braddish."

The balance sheet revealed that current liabilities were £846,203 and assets £608,630, while gate receipts and programme sales netted £1,181,721 and television fees £997083.

Players' wages for a staff of 61 totalled £1,474,546, while the salaries of 28 other employees accounted for £496,234.

Former MP Michael Maguire pressed the chairman on reports that a London company had expressed interest in becoming involved in the financial affairs of Saints. Mr Ellard replied: "More than one has done so, all have been considered, and we are continually looking for further investment. But it has to be in the long-term interests of Saints."

Local businessman Chris Brady asked for specific details on the reasons for the resignation of former chairman Eric Ashton, but was told that this was a confidential matter.

After the meeting Mr. Ashton said: "I can only reiterate that my resignation came when I felt I had lost the support of the board. However I would like to thank shareholders who put their trust in me."

Better toilet facilities; the transfer of Lee Briers; a code of conduct for players; Murdoch money, all this and more besides was put under scrutiny at the meeting when retiring directors Eric Ashton and Bill Jelley were re-elected.

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