Swansea City Post £15.3m Profit
Thu 31st Oct 2013 | Money & Finance
Swansea City have announced details of its latest accounts which show a healthy profit of £15.3m for the year ending May 31, 2013.
The Barclays Premier League club saw its turnover, excluding player dealings, increase by £1.9m to £67.1m, up from £65.2m the previous year.
Profit before interest charges and taxation amounted to £20.6m which was made up of £8.4m from normal operations and £12.2m from player dealings which arose in the main from the sale of players Joe Allen and Scott Sinclair.
After adjusting for interest charges and taxation, the net profit was £15.3m compared with a £14.6m profit the previous year.
A final dividend of £1m was declared and paid to the parent company, Swansea City Football 2002 Limited, making a total of £2.4m for the year.
Swansea City’s Finance Director, Don Keefe, said: “The Board is extremely pleased with the latest results and the year in general, both on and off the pitch.
“We have put the funds generated by these profits to good use with the completion of a new £6m Youth Academy training facility near the Liberty Stadium, plus an initial £5m on a new training complex at nearby Fairwood.
“The club has also continued to invest in the playing squad to maintain a performance standard required for participation in the Barclays Premier League.
“The net book value of player registration costs was £19.1m at May, 31, 2013 – an increase of £8.9m over the previous year.
“Team performance on the pitch was excellent with a ninth-place finish in the Barclays Premier League and a Capital One Cup victory at Wembley Stadium which provided entry into this season’s Europa League competition.’’
Posted by: Aaron Gourley
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