Everton announce profit in latest financial results
Last season's sixth-place finish helped increase broadcast revenues
Thursday 30 January 2014
Everton turned a £6.4million loss into a £700,000 profit for the financial year ending May 2013.
A sixth-placed Premier League finish generated a greater increase in broadcast revenue and gate receipts which helped boost operating profit before player trading was taken into consideration.
The figures do not include any of the summer transfers, which saw the Toffees make a profit in the region of £10million after offloading Marouane Fellaini and Victor Anichebe for a combined £33.5million and bringing in James McCarthy, Arouna Kone and Joel Robles on permanent deals and Gareth Barry, Romelu Lukaku and Gerard Deulofeu on loan. Nor do they include compensation paid to Wigan for manager Roberto Martinez.
The financial report also does not take into account the new Premier League broadcast deal which began last August.
No provision is included in the accounts for either transfer fees of £6.1million which are contingent upon future appearances of certain players, or signing on/bonus payments of £5.07million due to players who are still in the service of the club on specific future dates.
Everton's wage bill was largely unchanged for the 12 months to May 2013, aided by a small reduction in the number of players, training and management staff.
There was also a small decrease of £700,000 in borrowing and a smaller reduction in operating costs.
"Each year when I sit down to carry out my review of the previous year I focus on whether our club is in a better position than it was a year ago," chairman Bill Kenwright wrote in the annual report.
"And while we have undoubtedly gone through a period of change the answer can only be a resounding 'yes'."
Chief executive Robert Elstone added: "I am also pleased that we have seen growth in all revenue streams, reductions in our cost base and debt levels slightly reduced.
"It's a very solid financial position that means we are well placed to take advantage of the new Premier League broadcast deal, already flowing through into our 2013-14 numbers."
Latest in Sport
My one and only game for Neil Baldwin FC
Laura Trott and Jason Kenny announce engagement
Jose Mourinho says Chelsea deserve to be setting pace going into Christmas fixtures
Manchester United vs Newcastle United preview: Alan Pardew targets rare Old Trafford win to halt Newcastle slump
Arsenal vs QPR: Leroy Fer seeks perfect present for Boxing Day
- 1 PlayStation and Xbox hacked by Lizard Squad
- 2 Christmas comes early to Hong Kong, as millions of bank notes spill out onto busy street
- 3 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
- 5 Vagina canoe artist defends herself over ‘obscenity’ charges
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Rozanne Duncan: Ukip expels councillor for 'jaw-dropping' comments made in BBC TV interview
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
BBC director Danny Cohen: Rising UK antisemitism makes me feel more uncomfortable than ever
Alex Salmond has 'broken his word to the Scottish people' says Scottish Lib Dem leader