Everton back in the black as revenues rise
EVERTON FC has reported a return to profits in a year of progress off the pitch which saw the club grow revenues and curb costs.
After declaring a bottom-line loss of £9.1m for the year to May 2012, the latest results show a profit of £1.6m. The picture would have been better still without £4.2m paid in interest charges on the club’s borrowings of £48m.
The club said it is “well placed to capitalise on the new Premier League broadcast deal” after after declaring a 7.3% hike in turnover for the year. This was driven by increased commercial revenues (up by £2.3m) and a sixth-place Barclays Premier League campaign which boosted broadcast revenue by £2.9m and £700,000 more in gate receipts to £17.5m.
Everton said it made an operating profit of £0.7m before player trading, compared to a loss of £6.4m in the previous 12 months. There was also a small decrease in borrowings for the period of £0.7m, and a decrease in other operating costs from £22.7m to £21.8m.
The figures published do not take into account the new Premier League broadcast deal that began in August 2013.
Chief executive Robert Elstone said: “The board has consistently demonstrated its commitment to competing at the highest level, in the best league in the world.
“Away from the pitch, I am also pleased that we have seen growth in all revenue streams, reductions in our cost base and debt levels slightly reduced. It’s a very solid financial position that means we are well placed to take advantage of the new Premier League broadcast deal, already flowing through into our 2013/14 numbers.”
Chairman Bill Kenwright added:”Each year, when I sit down to carry out my review of the previous year, I focus on whether our club is in a better position than it was a year ago.
“And while we have undoubtedly gone through a period of change, the answer can only be a resounding yes. On and off the field we continue to push forward on every front, led by the values and ethos that infuse every person and every aspect of the club’s life.”
