Newcastle United Profits Down, but Increase Turnover Sees Club Re-Enter Top 20 Rich List

Newcastle United has revealed a large drop in profits for the year ending June 2012, medicine with the figures down to just £1.4m from £32.6m.

However, the £32.6m accounted for in the previous year, included the £35m that Liverpool paid for Andy Carroll.

Despite this, turnover increased to £93.3m, up 5.4% from the previous year, which includes a rise of 14.6% in television income as a result of their successful fifth placed finish last season.

The club say that this increase puts Newcastle back among the top 20 richest clubs in the world.

Operating costs remained steady at £21.6m but operating profit fell from £13.3m to £7.5m.

Due to high-profile signing such as Yohan Cabaye, Papiss Cisse, Demba Ba (now at Chelsea) and Davide Santon, the wage bill also rose 20% to £64.1m.

Attendances at St James’ Park rose to an average of 49,936, but ticket revenue actually dropped by 7% due to ticketing initiatives that saw cheap season and half-season ticket prices.

Because of this the club saw a record number of season ticket holders, with the numbers reaching their highest levels since 2007.

Commercial revenue was also down by 12.7% but the figures do not include the new partnership with Wonga, which the Toon claim ‘represents a significant increase on the club’s previous commercial agreements.’

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