Everton post a profit for 2016-17

Saturday, 23 December, 2017 0comments  |  Jump to last
Everton have announced record turnover for last season and a post-tax profit of £30m.

The club's turnover topped £171m, almost £50m more than the previous record set two seasons prior, thanks largely again to the Premier League broadcast revenue bonanza.

Attendances helped offset a reduction in season ticket prices and poor performances in the domestic cup competitions, with the average crowd finishing above 39,000 for the first time since the inception of the Premier League.

A reduction in wages as a percentage of turnover also helped compensate for a significant rise in player acquisition and salaries while a loan from major shareholder Farhad Moshiri that rose to £150m allowed for the consolidation of Everton's debt and removal of £2.8m per annum in interest payments.

As a result, the balance sheet shows a net asset position of £91.7m.

“Our financial performance in 2016/17 breaks all records and highlights the progress made by the Club in recent years," CEO Robert Elstone said. "Whilst the Premier League's incredible new TV deal has made the biggest contribution to our results, we have created waiting lists for Season Tickets, filled our lounges and grown our commercial income.

“As well as maintaining strong relationships with existing partners, the Club's first training ground naming rights partnership with USM Holdings and new partnerships with William Hill and Sure contributed to sponsorship and advertising revenue increasing by almost 66% to £15.4m from £9.3m. And we're confident it is progress that will continue into 2017/18 with our highest ever sponsorship deal from SportPesa and our first sleeve partner, Angry Birds.”

“I would like to congratulate Robert and his teams at Goodison and Finch Farm for the sustained growth experienced across all areas of the Club," said Chairman Bill Kenwright.

“Of course, the chance to grow further is made possible by the much-improved financial position secured by Farhad's personal investment in the Club. His support has allowed us to repay the long-term debt, invest in our playing squad, expand and improve Finch Farm and make significant and overdue improvements to how Goodison Park looks and operates.

"I have always said that I believe Farhad is exactly the right person to take our Club forward; his ambition matches that of every Evertonian and both the financial investment and the time he has put into the Club demonstrates that commitment."  

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