Swansea City Post Increased Profit
Tue 9th Apr 2013 | Money & Finance
Swansea City FC have posted an increase in turnover over the six month period ending November 30, 2012.
The Premier League club’s turnover, excluding Player Sales, was up 11.5 per cent to £28.5million compared with £25.5m for the previous six-month period.
The Accounts reveal a profit before interest and tax of £20.4m, which is made up of a profit from operations of £5.6m and £14.8m arising from player transfers including the sales of Joe Allen to Liverpool and Scott Sinclair to Manchester City.
After adjusting for net interest receivable and a taxation charge, the net profit for the period was £15.9m compared with a net profit after tax of £6.5m for the six months ending November 30, 2011.
Finance Director Don Keefe said: “The funds generated by the profit are invaluable bearing in mind the extent of finance needed, not only to maintain Premier League status, but for the expansion of capacity in the Liberty Stadium and the development of appropriate training facilities of a standard befitting a Premier League club.”
A budget of £5.5m - a large part of which has already been spent - was allocated for the development of the Landore training ground, which is now in use.
Planning consent has already been obtained and preliminary work, involving improvement to ground irrigation and drainage, is already underway on the 100-acre site at Fairwood acquired on a long lease from Swansea University.
Plans for the first phase of the Liberty Stadium expansion and redevelopment of the superstore have been submitted to the Planning Authority.
The club’s Shareholders have not received a return on their investment at any time during the past 11 years, but club have now declared an interim dividend of £1m will be paid to Shareholders of the Holding Company.
Posted by: Aaron Gourley
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