Norwich City Football Club have today released their annual accounts for the financial year ended 30 June 2019.
The 2018-19 season was the club’s first in eight years without any parachute payments from the Premier League.
After the inclusion of player bonuses and payments to other clubs following promotion to the Premier League operating losses for the period are listed at £38m.
Cash outflow for the period was -£34.2m comprising of the following:
- Cash utilised in operating activities was at -£32.8m.
- Player purchase costs amounted to -£10.4m, which included instalment payments on previous transfers, plus the acquisitions of new players such as Emiliano Buendia, Moritz Leitner and Philip Heise.
- A figure of +£20.6m was raised through player sale transactions, with the majority in the form of instalments from the sale of players from previous reporting periods such as Josh Murphy, Alex Pritchard and James Maddison.
- Fixed asset spend was at -£7.2m, which includes -£6m in fixed asset additions relating to the academy building state of the art gymnasium at the Lotus Training Centre.
- The club also repaid the Canary Bond with -£3.8m banked by investors with the promotional interest of 25% paid in September 2019 (after the financial year end) used to build the academy and gym buildings and pitches at the club’s Lotus Training Centre.
- Other cash flow movements were at -£0.6m, relating to interest and taxation paid.
Following promotion to the Premier League the club anticipates a substantial operating profit in the financial year to June 2020.
Chief Operating Officer Ben Kensell said: “These figures demonstrate the Club’s financial resilience with our first year without parachute payments whilst achieving promotion to the Premier League as champions.
“With the new Executive Committee structure firmly in place we are able to strategically maximise our off-pitch commercial revenues in order to ensure we are able to effectively forward plan in all areas of the business.
“We continue to invest in the Lotus Training Centre and Carrow Road and are committed to building a long and stable future for the football club.”
The full report of the club’s annual accounts for the period ended 30 June 2019 can be accessed by clicking here.