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Swansea to announce healthy profit
Published : 16 Oct 2012 11:47:49Rss feed
Swansea City are set to announce a 14.6 million pound profit from their debut season in the Barclays Premier League.
The club, which finished 11th in the top flight last season, had a turnover of £65.2million for the year ending May 31, 2012, according to a statement on the club's official website.
The strong set of figures showed the Swans received £5million in compensation payments from Liverpool for the departure of manager Brendan Rodgers and his staff, with the club in the black despite increased operating costs and a higher wage bill as a result of their promotion to the Premier League.
The statement said: "The directors' review of the business is set to reveal a turnover of £65.2million, which aptly demonstrates the reward of achieving Premier League status, and a net profit after taxation of £14.6million despite operating costs, particularly wages, being double those of the previous year.
"The net profit, which was boosted by the £5million received from Liverpool for the loss of management staff, more than counteracts the net loss of £8.3million incurred as a result of the cost of the promotion push in the previous financial year.
"The directors will reiterate their resolve to continue to manage budgets which should produce a level of profit capable of generating sufficient cash to fund future growth and capital investment plans."
The statement also revealed the future strategy of the club directors, which could include redevelopment of the Liberty Stadium.
It said: "Work is well under way on the £2.5million Landore training ground development and the creation of a partnership with Swansea University which involves the acquisition of a long-term lease of the playing fields at Fairwood, which will result in a first-class training complex befitting a Premier League club.
"Plans to increase the capacity of the Liberty Stadium are already being discussed with the idea of a phased development over a two-year period when the timing is right."
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