By Mark Baber
November 19 – Everton have announced a £4.1 million loss for 2014-15 on a record turnover of £125.6 million, largely due to a deficit on player trading. The results leave the club with an overall net debt of £31.3 million.
Robert Elstone, Everton’s chief executive, gave the results a positive spin saying: “Our financial performance, like so many Premier League clubs, was underpinned by the second year of a TV deal that beat all expectations, but also by increases in matchday and commercial revenues. We also continue to work hard managing and controlling our cost base and remain determined to ensure investment and spending is effective and delivers returns.
“Beyond the Premier League table, probably the most significant barometer of success is attendances and 2014-15 broke all recent records with our highest season ticket total for at least 10 years, the lowest season ticket non-renewal rate, 12 full houses and an average attendance in excess of 38,000 for the first time since 2004.
“Our revenues continue to be spent on sustaining a great academy, the best possible coaching, scouting, performance and medical teams and, of course, a first-team squad that can compete for a place in Europe. That strategy remains central to everything we do.”
Everton had made a record profit of £28.2 million in 2013-14 (largely due to the sale of Maraouane Fellaini to Manchester United) and would have made a £16 million profit in 2014-15 if not for losses on player trading including the £28 million signing of Romelu Lukaku.
The club record turnover of £125.6 million is up from £120.5 million in 2013-14 despite lower broadcast revenues.
The increase in spending on players and the rise in staff costs to 61.7% of turnover, have so far only led to a marginal improvement on the field this season – the club currently sits in 9th place in the Premier League, above Liverpool on goal difference but just two places ahead of their final position in 2014-15.
See Matt Scott column on Everton’s financial health at http://bit.ly/1l7jZvh
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