Swansea City announce £15.3m profit
Swansea City have announced a healthy profit of £15.3m for the year ending May 31, 2013.
The board say they are "extremely pleased" with the latest result, which saw its turnover, excluding player dealings, increase by £1.9m to £67.1m, up from £65.2m the previous year.
The net profit came in at £15.3m compared with a £14.6m profit the previous year.
Swansea City’s Finance Director, Don Keefe, said: “We have put the funds generated by these profits to good use with the completion of a new £6m Youth Academy training facility near the Liberty Stadium, plus an initial £5m on a new training complex at nearby Fairwood.
“The club has also continued to invest in the playing squad to maintain a performance standard required for participation in the Barclays Premier League.
“The net book value of player registration costs was £19.1m at May, 31, 2013 – an increase of £8.9m over the previous year.
“Team performance on the pitch was excellent with a ninth-place finish in the Barclays Premier League and a Capital One Cup victory at Wembley Stadium which provided entry into this season’s Europa League competition.’’
Profit before interest charges and taxation amounted to £20.6m which was made up of £8.4m from normal operations and £12.2m from player dealings which arose mainly from the sale of players Joe Allen to Liverpool and Scott Sinclair to Manchester City.