Club announces latest financial results

The Club has announced its financial results for the period ending November 30, 2013.

Read the full Chairman’s statement here.

Turnover from football increased to £136.0 million (2012 - £106.1 million) with strong growth across each of the Club’s key areas of activity.

Match day income increased to £45.0 million (2012 - £37.8 million) with the Emirates Cup returning to the pre-season schedule and the UEFA Champions League qualifying round providing an additional home game.

Broadcasting revenue was boosted to £52.0 million (2012 - £40.1 million) principally as a result of the Premier League’s new contracts with Sky and BT.

Commercial and retail revenues rose to £38.4 million (2012 - £27.7 million) mainly due to the extended partnership arrangements with Emirates which were not yet in force for the comparative period.

The Group has confirmed a significant five year contract with PUMA, as the Club’s new kit partner, which will come into effect from the start of next financial year.

As a result of these changes in football turnover, partially offset by increased costs, (mainly relating to player wages), operating profits (before depreciation and player trading) from football increased to £22.2 million (2012 - £4.4 million).

Property revenues were significantly lower at £2.0 million (2012 - £32.3 million which included the sale of the Queensland Road market housing site) and operating profits from property amounted to £0.7 million (2012 - £1.9 million).

Profit on sale of player registrations amounted to £6.1 million which was significantly lower than the prior year comparative (2012 - £42.5 million).

Group loss before tax was £2.2 million (2012 – profit of £17.8 million).

The Group has no short-term debt and cash reserves, excluding the balances designated as debt service reserves, amounted £120.6 million (2012 - £99.7 million).

Overall result for the year expected to be fully compliant with all of the requirements of both the Premier League and UEFA financial regulatory regimes.

Commenting on the results for the six months, the Club’s chairman, Sir Chips Keswick, said:

“When I was appointed chairman last summer, there was good reason to believe that the hard work which has been put in, by many people across the Club, over recent years had created the momentum for a successful season in every aspect of our activities.

"Thus far that optimism has been well-founded. We believe we are in a strong position to take the Club forward both in the short-term and beyond and to deliver future on-field success.”