Member Article

Financials fail to mask football results as NUFC reveals £32.4m profit after tax

Newcastle United have announced a roaring profit of £32.4m after tax, up £13.7m on the previous year, as the club continues to perform better off the pitch than on it.

Whilst turnover fell by less than 1% and debt remained static at £129m, financial results for the year to 30 June 2015 show a healthy cash balance of £48.3m.

Notoriously frugal owner Mike Ashley has loosened his purse strings this season, investing just under £80m in new players across the Summer 2015 and January 2016 transfer windows.

Despite this the club is precariously placed at 19th in the Premier League table and is hotly-tipped to begin life in English football’s second division next season - a second relagation in Ashley’s tenure.

The Club’s debt, in the form of interest-free loans from Mike Ashley and companies under his control, has remained static at £129 million. None of the debt has been repaid.

Results on the pitch take precedence for Charnley

Managing director Lee Charnley said: “We appreciate that, at the present time, football results and not financial results are what our supporters want to see from us.

“That said, it would be wrong for the Club not to acknowledge the submission of our accounts for the period July 2014 to June 2015.

“We understand, however, that what you want to see are results on the pitch. There are still 21 points to play for and lots can, and likely will, happen over the next seven games.

“We, of course, acknowledge the seriousness of our situation. However we must remain positive and retain the belief that we can secure our Premier League status and we are doing everything we can to support Rafa and the team.”

More on this story: Turnover statistics

Matchday revenue increased three per cent to £26.8million (2014: £25.9million). Premier League season and matchday ticket income remained at its 2013/14 level, and there was one additional home cup match this year.

Media revenue fell one per cent to £77.2million (2014: £78.3million) due to the reduction in merit based payments resulting from the Club’s 15th place finish (2014: 10th) being partially offset by an increased number of games broadcast live (20 compared to 14) together with an increase in overseas TV revenue.

Commercial revenue fell three per cent to £24.9million (2014: £25.6million), the most significant factor being the one-off income from the Kings of Leon concert in the prior year. Excluding this one-off event, overall commercial revenue has shown modest growth.