Norwich City have released the latest version of the club’s annual report covering the year ended 30 June 2023.
The annual financial report also includes updates from members of the executive committee and senior colleagues, providing an insight into the club’s activity beyond the mandatory disclosures.
The group’s turnover totalled £75.6m for the year ended 30 June 2023, compared to £133.9m for the prior year to 30 June 2022, owing largely to a significant decrease in broadcast revenue following the club’s relegation from the Premier League.
The group incurred an operating loss before player trading of £1.5m compared to an operating profit of £2.9m in 2022. The impact of amortisation from player purchases impacted the group’s figures, resulting in a loss before tax of £27.2m.
The club generated a modest profit of £3.6m from player sales in the year, however during the summer 2023 transfer window and post-year end, the club generated significant profits on player sales. This included notable transfers of academy products Max Aarons and Andrew Omobamidele to AFC Bournemouth and Nottingham Forest respectively, as well as Milot Rashica to Besiktas.
Construction of a state-of-the-art recovery hub at the Lotus Training Centre, as well as refurbishment works undertaken to the Lion & Castle pub at Carrow Road, were both significant contributors to the total £5.7m invested in club infrastructure over the period.
The full report of the club’s annual accounts for the year ended 30 June 2023 can be accessed by clicking on the below link.
Read here: Norwich City report for year ended 30 June 2023.
All shareholders will receive a copy of the report in the post over the coming days.