. . . for the year ending May 31, 2012
Swansea City is set to confirm a profit of £14.6million following their debut campaign in the Barclays Premier League.
The club is shortly due to release its full accounts for the year ending May 31, 2012, which reflects the club’s successful first season in the Premier League with a 11th place finish.
The Directors review of the business is set to reveal a turnover of £65.2 million, which aptly demonstrates the reward of achieving Premier League status, and a net profit after taxation of £14.6 million, despite operating costs, particularly wages, being double those of the previous year.
The net profit, which was boosted by the £5million received from Liverpool for the loss of management staff, more than counteracts the net loss of £8.3 million incurred as a result of the cost of the promotion push in the previous financial year.
The directors will reiterate their resolve to continue to manage budgets which should produce a level of profit capable of generating sufficient cash to fund future growth and capital investment plans.
While the extent and timing of a capital investment program relies heavily on the club’s ability to remain in the Premier League, some progress has already been made. Work is well underway on the £2.5 million Landore training ground development and the creation of a partnership with Swansea University which involves the acquisition of a long-term lease of the playing fields at Fairwood, which will result in a first class training complex befitting a Premier League club.
Plans to increase the capacity of the Liberty Stadium are already being discussed with the idea of a phased development over a two-year period when the timing is right.
Further details and comment will follow on the release of the full accounts.