Cup run boosts Everton’s financial figures

SUCCESS on the pitch has helped Everton record a 47% jump in turnover.

The club finished fifth in the Premier League last season and reached the latter stages of the League Cup and the UEFA Cup under the guidance of manager David Moyes.

Before tax the club broke even, making a profit of £26,000 compared to a loss of £9.4m last time. Accounts for the year to May 31 show turnover increased by 47% to £75.7m. This was largely down to the increased gate receipts that came from the extra cup games – up from £3.4m to £20.5m

An improved Premier League broadcasting deal also brought more cash to the club, up from £27.5m to £46.6m. This overall increase in revenue meant the player wage bill as a proportion of turnover was at a more manageable level – down from 75% to 59%. But the total wage bill increased 15% to £44.5m.

Borrowings for the year rose 35% to £39.5m, reflecting investment in the squad but the club said £23.1m of this was not due to be repaid for five years. Everton broke its transfer record during the year by paying £15m for the Belgian international Marouane Fellaini.
 
Everton said it made a profit on player trading of £9.2m compared with £4m last time. The principal sales were James McFadden to Birmingham City, and James Beattie and Gary Naysmith to Sheffield United.

Chairman Bill Kenwright said: “Of course our determination to ensure that our first team squad is constantly upgraded has had an effect on the club’s balance sheet but as ever we have benefitted from what I would call sensible and careful fiscal management during a period which was, in pure financial terms, hugely challenging.”

After yesterday’s 3-0 defeat of Sunderland, Everton are currently sixth in the Premier League.