Tottenham achieves payout goal

A RETURN to dividends has been made by Tottenham Hotspur, the holding company for the Premier League football club, writes John Shepherd.

The company, as promised last month, is making a special interim payment of 3p, having overcome the hurdle of a deficit in distributable reserves on the balance sheet. There was a pounds 1.8m positive balance at the end of the three months to 31 August, compared with the pounds 7m deficit shown at the conclusion of the year to 31 May.

That was achieved by a positive pounds 1.8m flow from trading, and a court-approved pounds 7m reduction in the share premium account.

Tottenham's first-quarter figures, which exclude any trading results from the football club, show pre-tax profits of pounds 773,000. There was a pounds 122,000 loss in the whole of 1991/92.

The profits came from operations spanning merchandising and management charges levied on the club, and from subsidiary dividends. The retained profit was bolstered by a pounds 1.1m tax credit.