2004–05 again ended in failure in the play-offs with the club having lost striker Steve Guinan, midfielder Ben Smith, full back Michael Rose and goalkeeper Matt Baker to Football League clubs. This time it was Stevenage Borough who disposed of the Conference runners-up although Hereford only moved into 2nd position on the final day of the season, eventually finishing on 74 points while Barnet were running away with the Conference title. The club did enjoy extended runs in the Football League Trophy and FA Trophy competitions. Another positive was the settling of the CVA in September 2004, the club finally turning the corner financially.