Norwich City Announce Impressive Financial Figures

English Premier League team Norwich City improved commercial performance has seen revenue soar from £17million ($26.8m) in 2010 to £23.1million ($26.4m) this year.

The recently-promoted Barclays Premier League club also netted a £500,000 ($787,330) operating profit compared to a £1.7million ($2.6m) loss in 2010 and £4.3million ($6.7m) deficit the previous year.

Norwich chairman Alan Bowkett, said: “While everyone is aware of the outstanding football performance last year, I am pleased to report this improvement has continued off the field of play. Revenues and normalised operating profit are up while net debt is down. This trend will accelerate this year.”

The sale of the matchday orange car park has helped reduce Norwich’s debt from £20.9 million ($32.9m) to £16.8million ($26.4m), which they expect to decrease even further by the next year-end.
Norwich’s promotion from the Championship is expected to result in net debt reducing by at least £6million and revenue increasing to at least £40million ($63m). Club shareholders will receive a full set of annual accounts next week and the Canaries’ AGM be held on November 22.