Norwich City release annual accounts

PUBLISHED: 15:38 14 October 2011 | UPDATED: 16:50 14 October 2011

Norwich City have released their accounts for the financial year, which ended on May 31, 2011.

Norwich City have released their accounts for the financial year, which ended on May 31, 2011.

Archant Norfolk Photographic © 2010

Norwich City have released their accounts for the financial year, which ended on May 31, 2011.

The accounts presented relate to a Championship football season, with only the performance-related costs of promotion to the Barclays Premier League impacting the numbers.

Revenue increased to £23.1m (£17m in 2010 and £18.3m in 2009 - the last Championship year) due to an improved commercial performance across all areas of the business.

The club made a normalised operating profit of £0.5m (a loss of £1.7m in 2010 and a loss of £4.3m in 2009).

Net indebtedness reduced to £16.8m (£20.9m 2010) partly due to the sale of the matchday orange car park.

The Norwich City board confirmed that as far as operating in the transfer market is concerned, Norwich City remains a buying club.

Key actions taken in the business within the last 12 months include:

• Refinancing of the balance sheet

• Disposal of non-core property assets

• Significant reduction of net debt

• New equity investment to help strengthen squad and improve chance of promotion

• Significantly improved commercial performance of all areas of the business

• Achieved promotion to the Premier League

• Retained football management team and back room staff for 2011/12 season

• Recruited eight new players in to the squad for the 2011/12 season

• Successfully completed stadium upgrades required to meet Premier League regulations

Norwich City also reported the following target results for next year-end:

• Revenue to increase by at least £40m

• Significantly increased operating profits but cash to be neutral due to the need for debt repayments and investment in assets

• Net debt to reduce by at least a further £6m

Norwich City Chairman Alan Bowkett commented: “While everyone is aware of the outstanding football performance last year, I am pleased to report this improvement has continued off the field of play. Revenues and normalised operating profit are up while net debt is down. This trend will accelerate this year.”

• A full set of annual accounts are due to be posted to Norwich City Shareholders next week. The Club’s AGM will be held on Tuesday, November 22.

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