|FA Group Reveal Latest Financial Report with Steady Profit Margins|
Monday, 03 October 2011 11:47
The FA Group, which comprises the Football Association and the company that operates Wembley Stadium, latest financial figures showed the organisation are steadily building with an operating profit of £37 million ($57.4m) in 2010.
The financial results for the 12 months ending December 31, 2010, the FA Group revealed that turnover exceeded £300 million ($465.6m) for the second consecutive year and distributions to the game again topped £100 million ($155.1m). In 2009, turnover was £314 million ($487.2m) while distributions from the game totalled £103 million ($159.8m). In announcing the results, the FA Group stated that a strong operating profit has enabled it to increase reserves for the first time since 2006.
The Group also stated that net assets increased by £12 million ($18.6m) to £66 million ($102.4m) while total cash balances increased by £10 million ($15.5m) during the year to £75 million ($116.3m). The FA Group did state that the financial report noted “some challenges which include signing new major commercial partners and agreeing new broadcast deals for the 2012-14 seasons”.
Mark Donnelly, FA Group chief financial officer, said: “We are very pleased with these latest financial results and the FA Group are well-placed to deliver stable revenues in the coming years despite a more challenging broadcast and sponsorship market.
“The deals signed this year with both Vauxhall and Budweiser are particularly exciting and we are delighted to have these two global market leaders on board. The FA Group will continue to focus on its core objectives in order to preserve the level of investment into the national and professional game.”