Swansea City announce £1.7m profit in latest accounts
Fri 30th Jan 2015 | Money & Finance
Swansea City has announced a post-tax profit of £1.7m in its latest financial accounts ending May 31, 2014.
The year, which saw the Swans finish 12th in their third Premier League season and reach the knockout stages of the Europa League, reveal that turnover increased by £31.6m to £98.7m from £67.1m in the previous accounting year.
The increase is due in large to the additional TV broadcasting income negotiated by the Premier League.
Expenditure increased by £29.7m due to additional player amortisation and trading of £21.2m and all other operational costs of £8.5m resulting in an operating profit of £1.3m, which is a marked improvement over a loss of £600,000 previously.
With almost no income generated from player sales, the overall profit after interest and a tax adjustment was £1.7m compared with a profit of £15.3m the previous year that saw profit on player sales totalling £21.2m.
Swansea City’s Finance Director, Don Keefe, said: “The Board continued to invest in the playing squad during the accounting period to maintain performance standards with notable acquisitions being Wilfried Bony and Jonjo Shelvey.
“The total cost of acquiring all new players during that year amounted to £33.4m, while an additional £6.9m was spent on new training facilities at Fairwood which became operational in February 2014.
“Some additional improvements will still be necessary to fully complete the training sites at Fairwood and Landore to the Board’s satisfaction when cash flow permits.’’
Posted by: Kev Howland
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