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Sunderland reduce losses by 72%

Tue 27th Mar 2012 | Money & Finance

Sunderland AFC have reduced its losses by 72% according to their latest financial accounts released today.

The figures for the year ending July 31st 2011, show a vast increase in turnover of 21% to £79.4m, rising by £14m on figures announced in the previous period.

The overall loss for the financial year was reduced by 72% to £7.8m - £20.1m less than the previous year's figure of £27.9m.

Commenting on the results, chief executive Margaret Byrne, said: "We have to make sure that we are financially sound and prepare the club for the implementation of Financial Fair Play rules.

"Our financial results show that we are heading in the right direction on both fronts.”

The club's operating expenses, which include areas such as staff/player wages, match costs and utilities rose to £110.7m, which resulted in a net operating loss of £31.2m.

These operating expenses feature player amortisation costs for the period of £29.1m, reflecting the addition of 14 players to the first-team squad during three transfer windows.


"We have seen significant strengthening of our playing squad with the acquisition of 14 players during the period, culminating in a tenth place finish in the Barclays Premier League, which was always our aim,” added Byrne.

"We have also seen a growth in our commercial revenue, from areas such as concerts and sponsorship, which is something that is key to us achieving our aims."

Finance director Angela Lowes added: "Our financial results reflect a period of development for the business as a whole, both on and off the field.

"It is pleasing to see growth in some areas and the figures certainly give us a platform to build on for the future."

 Posted by: Aaron Gourley

 


 

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