Everton news

Everton announce £1.6m pre-tax profit

January 30, 2014
By Mike Whalley

Everton have said they are in good financial shape after announcing a pre-tax profit of 1.6 million pounds last season.

Goodison Park
GettyImagesChairman Bill Kenwright is happy with Everton's financial position.

The club's annual accounts for the 12 months to May 31 2013, released on Thursday, showed that turnover, gate receipts, broadcast revenue and profits on player sales all went up while borrowings and operating costs went down.

That contributed to an improved financial performance for Everton, who had made a pre-tax loss of 9.1 million pounds during 2011-12. The latest accounts show a net upward profit swing of 10.7 million pounds.

The sale of midfielder Jack Rodwell to Manchester City for 12 million pounds in August 2012 contributed to those profits, as did the departures of defender Joseph Yobo to Fenerbahce and midfielder Tim Cahill to New York Red Bulls.

Overall profits on player sales were 15.6 million pounds, an increase on the previous year's total of 14.1 million pounds.

But Everton actually made an operating profit of 700,000 pounds even before player trading was taken into account -- an improvement on the 6.4 million pound loss recorded in 2011-12.

The latest figures do not take into account a lucrative three-year Premier League UK television deal with Sky Sports and BT Sport, which kicked in from August 2013, or the 27 million pound sale of midfielder Marouane Fellaini to Manchester United. They will both be recorded in the 2013-14 accounts.

Chairman Bill Kenwright said: "Each year, when I sit down to carry out my review of the previous year, I focus on whether our club is on a better position than it was a year ago. And while we have undoubtedly gone through a period of change, the answer can only be a resounding yes.

"On and off the field, we continue to push forward on every front, led by the values and ethos that infuse every person and every aspect of the club's life."

The latest accounts revealed that turnover had increased by 7.3 percent to 86.4 million pounds -- up almost six million pounds -- helped by a rise in commercial revenues of 2.3 million pounds, allied to a strong Premier League campaign under previous manager David Moyes.

Everton's sixth-placed finish under Moyes last season generated a 2.9 million pound increase in broadcast revenue, and a 700,000 pound rise in gate receipts.

Operating costs went down slightly, from 22.7 million to 21.8 million, and borrowings were reduced by 700,000 pounds.

Everton made a profit despite signing a number of players including Steven Naismith, Kevin Mirallas, John Stones and Bryan Oviedo during 2012-13, and awarding new contracts to Tim Howard, Seamus Coleman, Phil Jagielka, Sylvain Distin and Leon Osman.

The new four-year deal for England left-back Leighton Baines, signed on Monday, is not included in the accounts. Nor are the loan signings of Gareth Barry and Romelu Lukaku and the 15 million pound purchase of James McCarthy from Wigan, all of which took place in early September 2013.

Chief executive Robert Elstone said: "It is 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."


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