Newcastle United announce record profits

Newcastle United may be staggering their way towards the end of another season of under-achievement but they still announced record profits of 18.7 million pounds ($27.75 million) after tax to the end of June last year.

Reuters| Last Updated: Mar 30, 2015, 15:17 PM IST
Newcastle United announce record profits

LONDON: Newcastle United may be staggering their way towards the end of another season of under-achievement but they still announced record profits of 18.7 million pounds ($27.75 million) after tax to the end of June last year.

Newcastle, who last won a major domestic honour in 1955 and are currently 12th in the 20-team Premier League, announced a recorded profit for the fourth successive year, up from 9.9 million pounds in 2013.

Despite the good figures on the balance sheet, their figures in the league table were not quite so heartening in the period covered by the profits, finishing 10th in the table winning only 15 of their 38 league games.

In a statement on their website (www.nufc.co.uk) the club reported that operational losses of 0.6 million pounds in 2013 were turned into an operating profit of 4.7 million pounds by June 2014.

Their turnover also rose to 129.7 million pounds, up from 95.9 million pounds the previous year.

Matchday revenue, which includes ticket sales and hospitality, dropped to 25.9 million from 27.8 million in 2013, while their average Premier League attendances were 50,395 compared to 50,517 the previous season.

The club`s debt remains at 129 million pounds in the form of an interest-free loan from owner Mike Ashley.

But as last season, this season has seen more of the same mediocrity, and they registered nine wins out of 30 Premier League matches, with eight to play.

Former coach Alan Pardew left the club in January and since his assistant John Carver took temporary charge they have won two out of 10 Premier League matches and lost their last three in a row.

($1= 0.6738 pounds)