Swans announce £1.1m profit
4th December 2015
Swansea City Football Club can today confirm a profit after tax of £1.1million for the 14 months of its audited accounts ending July 31, 2015.
This compares to the £1.7m profit for the previous 12 months.
The financial year end was changed to July 31 (14 months) to reflect that of the Premier League and to match the start of the football playing season in August.
Turnover was £103.9m for the period compared with £98.7m for the previous 12 months. Total operating costs, including player amortisation costs of £18.4m, amounted to £120.8m against £97.4m previously.
The operating loss of £16.9m was more than offset by an £18.7m profit on the sale of players, predominantly Wilfried Bony.
Continued investment in players fuelled the achievement of an eight-placed finish in the Premier League with a highest ever total of 56 points.
Other highlights include:
* Earnings before interest and taxation totalled £1.8m.
* The cost price of our playing squad increased by £16.6m from £60.8m at May 31, 2014 to £77.4m at July 31, 2015
* Balance Sheet Net Assets totalled £20.1m, exactly the same value as at May 31, 2014
* Continued investment was made in the Fairwood and Landore training facilities to a total value approaching £3m. The improvement in Landore is already bearing fruit with the Under-21 and Under-18 Academy teams achieving promotion to compete in Category 1 fixtures. This is in advance of the club hopefully achieving full Category 1 status soon.
* The growth in our youth development and football in the community activities has continued unabated with the result that the Academy is now operating 17 development centres in south and west Wales catering for 2,000 youngsters and centres in Cork, Dublin and Belfast catering for another 500. There is an indoor facility in Cwmdu, Swansea, where five to eight year olds are being nurtured to maybe achieve entry into the Academy set up.
Don Keefe, Swansea City's Financial Director, said: "These latest financial results continue to reveal the club's desire to maintain investment to improve performance standards and, in particular, to compete successfully in the Premier League.
"We recognise, however, that we need further injection of funds before we can commit to any more significant capital investment programmes.
"In this regard, for example, any plans for an expansion of the East Stand at the Liberty Stadium cannot go ahead until we have negotiated a fair and equitable deal with the City and County of Swansea which is in the best interests of the club and not to the detriment of our available resources.''