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Swansea To Post Profit of 14.6m

Tue 16th Oct 2012 | Money & Finance

The club is expected to release its full accounts for the year ending May 31, 2012, which reflects the club’s successful first season in the Premier  League with a 11th place finish. 

The Directors review of the business is set to reveal a turnover of £65.2 million, which aptly demonstrates the reward of achieving Premier League status, and a net profit after taxation of £14.6 million, despite operating costs, particularly wages, being double those of the previous year. 

Swansea’s net profit was boosted by a £5million settlement received from Liverpool for the loss of management staff, counteracting the net loss of £8.3 million incurred as a result of the cost of the promotion push in the previous financial year. 

The directors are expected to reiterate their resolve to continue to manage budgets which should produce a level of profit capable of generating sufficient cash to fund future growth and capital investment plans. 

While the extent and timing of a capital investment programme relies heavily on the club’s ability to remain in the Premier League, some progress has already been made with work underway on the £2.5 million Landore training ground development and the creation of a partnership with Swansea University which involves the acquisition of a long-term lease of the playing fields at Fairwood, which is expected to provide a first class training complex befitting a Premier League club. 

Plans to increase the capacity of the Liberty Stadium are already being discussed with the idea of a phased development over a two-year period when the timing is right.  

Posted by: Aaron Gourley

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