Swans announce interim financial results
8th April 2013
Swansea City have released interim financial results for the six-month period ending November 30, 2012.
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.
Conscious of the fact that Shareholders had not received a return on their investment at any time during the past 11 years, the Board felt the club's success in recent years, coupled with the scale of profits earned for the financial year ending May 31, 2012 (£14.6m after taxation) and for the six months ending November 30, 2012 (£15.9m after taxation) was more than adequate to declare an interim dividend of £1m to Shareholders of the Holding Company.