Everton announce losses of £9.1m

The loss was an increase of £3.7m from the £5.4m net loss
made the season before

Everton recorded a net loss of £9.1million for the 2011-12 season, it was revealed today with the publication of the club's annual results.

The loss was an increase of £3.7million from the £5.4million net loss made the season before, while turnover was down slightly from £82million to £80.5million.

Everton's poor start to last season played its part in contributing to a fall in gate receipts and season ticket sales while the Toffees were picked for fewer live TV games.

However, the Goodison Park side are confident the current financial year will bring better news, with season ticket sales up 6.4% and the club pushing for a top-four spot in the Barclays Premier League.

The biggest expenditure was the wage bill, which increased from £58million in 2010-11 to £63.4million last season, making it 75% of the club's turnover.

Everton's net debt remains largely unchanged at £46million, and chief executive Robert Elstone said: "The club has demonstrated its commitment to first-team success with increased expenditure on player wages.

"We continue to try to enhance our competitive position and, at the same time, manage cost base and debt levels effectively.

"To get through a challenging year with only minimal increases in overall debt whilst at the same time, based on the opinions of many experts, strengthening our first-team squad is testament to the skill, hard work and commitment of the manager, the chairman and all their support teams."

The new TV deal, which comes into effect this summer, should ease the financial pressure on Everton, while chairman Bill Kenwright continues to search for investors to help the club compete financially with their Premier League rivals.

He said: "My desire to find a person, or institution, with the finance to move us forward has not diminished.

"Despite the challenges presented by a global economic downturn, we remain positive and determined.

"My commitment to serve this football club to the very best of my ability remains a constant in my life and I am aware of the trust you put in me to do that."

PA

Have you tried new the Independent Digital Edition apps?
Caption competition
Caption competition
Latest stories from i100
Have you tried new the Independent Digital Edition apps?

Bleacher Report

Daily Quiz
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

Day In a Page

Sun, sex and an anthropological study: One British academic's summer of hell in Magaluf

Sun, sex and an anthropological study

One academic’s summer of hell in Magaluf
From Shakespeare to Rising Damp... to Vicious

Frances de la Tour's 50-year triumph

'Rising Damp' brought De la Tour such recognition that she could be forgiven if she'd never been able to move on. But at 70, she continues to flourish - and to beguile
'That Whitsun, I was late getting away...'

Ian McMillan on the Whitsun Weddings

This weekend is Whitsun, and while the festival may no longer resonate, Larkin's best-loved poem, lives on - along with the train journey at the heart of it
Kathryn Williams explores the works and influences of Sylvia Plath in a new light

Songs from the bell jar

Kathryn Williams explores the works and influences of Sylvia Plath
How one man's day in high heels showed him that Cannes must change its 'no flats' policy

One man's day in high heels

...showed him that Cannes must change its 'flats' policy
Is a quiet crusade to reform executive pay bearing fruit?

Is a quiet crusade to reform executive pay bearing fruit?

Dominic Rossi of Fidelity says his pressure on business to control rewards is working. But why aren’t other fund managers helping?
The King David Hotel gives precious work to Palestinians - unless peace talks are on

King David Hotel: Palestinians not included

The King David is special to Jerusalem. Nick Kochan checked in and discovered it has some special arrangements, too
More people moving from Australia to New Zealand than in the other direction for first time in 24 years

End of the Aussie brain drain

More people moving from Australia to New Zealand than in the other direction for first time in 24 years
Meditation is touted as a cure for mental instability but can it actually be bad for you?

Can meditation be bad for you?

Researching a mass murder, Dr Miguel Farias discovered that, far from bringing inner peace, meditation can leave devotees in pieces
Eurovision 2015: Australians will be cheering on their first-ever entrant this Saturday

Australia's first-ever Eurovision entrant

Australia, a nation of kitsch-worshippers, has always loved the Eurovision Song Contest. Maggie Alderson says it'll fit in fine
Letterman's final Late Show: Laughter, but no tears, as David takes his bow after 33 years

Laughter, but no tears, as Letterman takes his bow after 33 years

Veteran talkshow host steps down to plaudits from four presidents
Ivor Novello Awards 2015: Hozier wins with anti-Catholic song 'Take Me To Church' as John Whittingdale leads praise for Black Sabbath

Hozier's 'blasphemous' song takes Novello award

Singer joins Ed Sheeran and Clean Bandit in celebration of the best in British and Irish music
Tequila gold rush: The spirit has gone from a cheap shot to a multi-billion pound product

Join the tequila gold rush

The spirit has gone from a cheap shot to a multi-billion pound product
12 best statement wallpapers

12 best statement wallpapers

Make an impact and transform a room with a conversation-starting pattern
Paul Scholes column: Does David De Gea really want to leave Manchester United to fight it out for the No 1 spot at Real Madrid?

Paul Scholes column

Does David De Gea really want to leave Manchester United to fight it out for the No 1 spot at Real Madrid?