TODAY Norwich City release their accounts for the financial period ended June 30, 2014.

Key points of note:

- Revenue up to £95.5m (£78.7m in 2013)

- Profit after tax of £6.7m (£0.5m in 2013)

- Exceptional level of profit made due to significant proportion of planned employment costs being performance related

- External debt was reduced to zero (£0.2m 2013)

- Operating activities generated £24.9m cash which was used to invest in the playing squad

	£m 2013-14	£m 2012-13
Revenue	95.5	78.7
Costs	(16.0)	(17.4)
Football expenditure	(70.5)	(59.6)
Operating Profit/(Loss)	9.0	1.7
JV/Associate/Sale of non core asset	0.5	0.8
Interest	(0.3)	(1.4)
Tax	(2.5)	(0.6)
Profit/(Loss) after tax	6.7	0.5
EBITDA	31.9	17.7
Net funds	3.4	6.9
External debt	(0.0)	(0.2)

Key actions taken in the business within the last 12 months include:

- Financial position remains strong despite relegation due to no debt and relegation clauses in all player contracts

- Continued strategy of investing spare cash in to football in each transfer window

- 9 new players were recruited during the financial period being reported on

- A further 8 new players have been recruited into the squad since the end of the financial year and several senior players have had their contracts renewed

- Restructuring of the football department and recruitment of new senior football management team for 2014/15 season

- Awarded the Kick It Out, Preliminary Level of the Equality Standard for Professional Football Clubs

- Worked even more closely with the local community through official charity partner Norwich City Community Sports Foundation and local charity, ‘The Base’ plus supported many other groups

The Club’s main objective for the current season is to return to the Premier League at the first opportunity.

City Chairman Alan Bowkett commented: “I find myself in the uncomfortable position of being disappointed that the club has reported an above forecast profit for last year.

"This surplus is due to our failure to remain in The Premier League and as a consequence bonus payments due for success have not been paid.

“The good news is that this surplus has enabled us to construct one of the strongest squads in the Championship and our overall performance to date has been encouraging.

“Due to our strong balance sheet we are able to totally focus on planning our return to The Premier League. We believe we have the human and financial resources to achieve this.”

To view Norwich City's 2013-14 accounts in full, click HERE.

ENDS

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