VSI
Dallmeier

Business Directory

Browse the Directory

Sign Up to the Directory

Levy
FC Business Twitter
FC business Linked in
FC Business facebook
FC Business Youtube

Norwich City post growth in revenues

Mon 17th Oct 2011 | Money & Finance

Norwich City have revealed an increase in revenues and an operating profit of £0.5m in their latest set of accounts.

The results for the financial year ending May 31, 2011 show revenue had increased to £23.1m (£17.0m in 2010 and £18.3m in 2009 - the last Championship year) due to an improved commercial performance across all areas of the business.

With that, Norwich also posted a normalised operating profit of £0.5m (a loss of £1.7m in 2010 and a loss of £4.3m in 2009) with net indebtedness reduced to £16.8m (£20.9m 2010) partly due to the sale of the matchday orange car park.

 

£m
2011*

£m
2011

£m
2010*

£m
2010

£m
2009

Revenue

23.1

23.1

17.0

17.0

18.3

 

 

 

 

 

 

Trading Cost of Sales

(8.5)

(11.0)

(10.7)

(11.2)

(11.6)

 

 

 

 

 

 

 

 

 

 

 

 

Football Expenditure

(14.1)

(16.1)

(8.1)

(10.2)

(11.0)

 

 

 

 

 

 

 

 

 

 

 

 

Operating Profit/ (Loss)

0.5

(4.0)

(1.7)

(4.4)

(4.3)

 

 

 

 

 

 

 

 

 

 

 

 

Interest

(2.4)

(2.4)

(1.6)

(1.6)

(1.6)

 

 

 

 

 

 

 

 

 

 

 

 

Tax

3.1

3.1

-

-

0.6

 

 

 

 

 

 

 

 

 

 

 

 

Loss after Tax

0.6

(3.9)

(3.1)

(5.8)

(5.0)

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA

3.0

(1.5)

1.2

(1.4)

(0.9)

 

 

 

 

 

 

 

 

 

 

 

 

Net Debt

16.8

16.8

20.9

20.9

22.9

* Excluding exceptional costs

In the accounts, the club stated its key actions taken in the business within the last 12 months include:

- Refinancing of the balance sheet
- Disposal of non-core property assets
- Significant reduction of net debt
- New equity investment to help strengthen squad and improve chance of promotion
- Significantly improved commercial performance of all areas of the business
- Achieved promotion to the Premier League
- Retained football management team and back room staff for 2011/12 season
- Recruited 8 new players in to the squad for the 2011/12 season
- Successfully completed stadium upgrades required to meet Premier League regulations

Norwich have also reported the following target results for next year-end:

• Revenue to increase by at least £40m

• Significantly increased operating profits but cash to be neutral due to the need for debt repayments and investment in assets

• Net debt to reduce by at least a further £6m

City Chairman Alan Bowkett commented: "While everyone is aware of the outstanding football performance last year, I am pleased to report this improvement has continued off the field of play. Revenues and normalised operating profit are up while net debt is down. This trend will accelerate this year."

A full set of annual accounts are due to be posted to Norwich City Shareholders next week. The Club's AGM will be held on Tuesday, November 22.

 

http://www.buttonshut.com http://www.buttonshut.com http://www.buttonshut.com

---------------------------------------------------------------------------------------------------

RETURN TO LATEST NEWS SECTION

SUBSCRIBE TO THE F.C. BUSINESS RSS FEED

If you have any football business related news stories you’d like to share then please contact us – agourley@fcbusiness.co.uk or ryan@fcbusiness.co.uk

 

Add to: Google Google | Yahoo Yahoo | Live Live | del.icio.us del.icio | Digg Digg |

Related Articles

In Focus: Relegation. Can It Reduce Your Business Rates?

Mon 27th Mar 2017 | Money & Finance

It is that time of year again….the happy financial prospect of promotion for a few or the nightmarish vision of relegation for other clubs. So how does league status affect a club’s...

Chancellor Misses Rate-Relief Open Goal In Budget

Thu 9th Mar 2017 | Money & Finance

Rate relief for football in the community: An open goal for Government in 2017 Football clubs, large and small, will not benefit from any substantive ‘give-aways’ following the Chancellors...

Leicester City make pre-tax profit of 16.4m after winning Premier League

Thu 2nd Mar 2017 | Money & Finance

Leicester City today announced its financial results for the year ending 31 May, 2016 – a period of continued growth and unprecedented success for the Football Club. An historic, captivating...

Liverpool FC announces financial results for year to May 2016

Wed 1st Mar 2017 | Money & Finance

Liverpool FC has filed its annual accounts for the year to May 31, 2016 reporting that revenues are continuing to grow, creating further financial stability for the club. Overall revenue increased to...