FA Group reports strong financial growth
Mon 3rd Oct 2011 | Money & Finance
The latest financial figures published by The FA Group have shown a strong operating profit has enabled it to increase reserves for the first time since 2006.
Figures for the 12 months ending 31 December 2010, also revealed it was the second consecutive year that the Group’s turnover exceeded £300m with distributions to the game more than £100m.
The FA Group’s results are primarily a consolidation of The FA and Wembley National Stadium Limited, but also include England 2018, the National Football Centre [NFC] and FA Learning.
Other headline figures:
- The FA Group generated a strong operational profit of £37m [+£31m year-on-year]
- Continued improvement in Wembley performance resulting in improved operating profit of £10m [+£1m year-on-year]
- Interest and finance charges payable on The Group’s external financing facilities reduced by £1m during the year as debt continued to be repaid
- Net assets were £66m [+£12m year-on-year]
- Total cash balances increased by £10m during the year, with The Group’s cash balances a healthy £75m at year end
- Debt servicing outflows were net interest payments of £22m and £19m repayment of debt
- Investment in capital expenditure and fixed assets was £26m – consisting of additional investment in Wembley Stadium, technology and NFC pre-construction costs. Construction of NFC started in March 2011
The solid figures have been welcomed by the FA, but looking at 2011 and beyond, group’s the financial report noted that some challenges remain which will include signing new major commercial partners and agreeing new broadcast deals for the 2012-2014 seasons.
It also highlight two deals already signed with Vauxhall [England] and Budweiser [The FA Cup], whilst beyond 2014, UEFA will guarantee the revenue The FA will receive from England competitive and tournament fixtures.
Mark Donnelly, The FA Group’s Chief Finance Officer, said: “We are very pleased with these latest financial results and The FA Group are well-placed to deliver stable revenues in the coming years despite a more challenging broadcast and sponsorship market.
"The deals signed this year with both Vauxhall and Budweiser are particularly exciting and we are delighted to have these two global market leaders on board. The FA Group will continue to focus on its core objectives in order to preserve the level of investment into the national and professional game.”
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