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Norwich City Post £13.5m Profit

Mon 22nd Oct 2012 | Money & Finance

Norwich City Football Club have posted a profit of £13.5m for the financial year ending May 31, 2012. 

The Canaries, now in their second season back in the Premier League, posted an increase in revenue up to £74.3m (£23.1m in 2011), £48.5m of which was attributed to Premier League TV money compared to the £5.5m they received in the Championship.

The club also posted significant increases to commercial income as a result of playing it the Premier League with Chairman Alan Bowkett commenting: “This is a pleasing set of financial results which is yet another step in the direction of us achieving our objective of becoming an established, self-sustaining Premier League club.”

Norwich’s external debt was reduced to £11.3m (£16.6m 2011) and are expecting that to be further reduced by circa £10m leaving the club externally debt-free by the end of the season other than for working capital requirements.

 

£m

£m

£m

 

2011-12

2010-11

2009-10

Revenue

74.3

23.1

17.0

Trading Cost of Sales

(16.2)

(11.0)

(11.2)

Football Expenditure

(40.8)

(16.1)

(10.2)

Operating Profit/(Loss)

17.3

(4.0)

(4.4)

Interest

(1.7)

(2.4)

(1.6)

Tax

(2.9)

3.1

-

Profit/(Loss) after tax

13.5

(3.9)

(5.8)

EBITDA

26.0

(1.5)

(1.4)

Net Debt

1.0

(16.8)

(20.9)

External Debt

(11.3)

(16.6)

(18.3)

 

 Key actions taken in the club within the last 12 months include:

- Further disposal of non-core property assets

- Continuing reduction of external debt

- Significantly improved commercial performance across all areas of the business

- Achieved retention of Premier League status for the 2012/13 season

- Replaced football management team and backroom staff for 2012/13 season

- Recruited 11 new players into the squad for the 2012/13 season (2 in January transfer window, 9 in summer transfer window) and renewed contracts of several senior players

- All spare cash reinvested in football at the appropriate time, including during the last transfer window

- Committed to achieving Category 1 status under the new Premier League Elite Player Performance Plan for successful development of young talent

Posted by: Aaron Gourley

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