Norwich City have today released its annual report for the financial period ended 30 June 2021.
The group’s reported turnover for the period was £57.2m, lower than previous reporting period of 2019/20 (£119.4m). This was a result of a significant decrease in broadcasting revenue, with the club playing its football in the Sky Bet Championship for the duration of the 2020/21 season.
Budgeted income was significantly impacted over this period owing to the ongoing COVID-19 pandemic. This was largely a result of the club’s income from ticketing sales and catering being significantly reduced.
Ticketing revenue fell from £7.6m in the 2019/20 reporting period to £0.1m in 2020/21, whilst matchday and non-matchday catering income fell from £4.6m to £0.4m.
Pre-player trading, the group made an operating loss of £26.6m. However, as a result of significant profit on player trading, including a club record sale in this period, the group’s results show a profit before tax of £21.5m. Included in this period are the significant player sales of Jamal Lewis, Ben Godfrey and Emi Buendia.
Within this latest set of results wages represented 116 percent of turnover. This number was impacted by the reduction in income as a result of COVID-19, along with several promotion-related payments to players and staff following the club’s Sky Bet Championship-winning campaign. These bonus payments were accrued in line with when the achievement was made.
The club continues make significant investment in its infrastructure and facilities at both Carrow Road and the Lotus Training Centre.
A sum of £4.2m was invested in significant projects, including renovations of training pitches and the construction of the SoccerBot360 at the Lotus Training Centre and upgrading of stadium Wi-Fi and digital infrastructure at Carrow Road.
Over this period investment has also continued at The Nest, home of the club’s Community Sports Foundation. Through the club’s commitment to #BuildTheNest match-funding scheme, a second instalment of £250k was invested towards the building and upgrading of facilities at The Nest.
The full report of the club’s annual accounts for the period ended June 30, 2021 can be accessed by clicking here.
All shareholders will receive their copy of the group’s annual report over the coming days.