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Newcastle United confirms financial results for year ending June 2019
Newcastle United has announced its financial results for the year ended 30th June 2019, which show a profit after tax of £34.7m.
Accounts overview
| 2019 | 2018 | Inc/(Dec) | |
| Turnover | £176.4m | £178.5m | (£2.1m) |
| Operating profit before player trading and amortisation | £53.5m | £58.9m | (£5.4m) |
| Operating profit | £14.9m | £17.6m | (£2.7m) |
| Profit after tax | £34.7m | £18.6m | £16.1m |
| Wages to turnover ratio | 54.9% | 52.4% | 2.5% |
| Loans/debt | £111.0m | £144.0m | (£33.0m) |
| Cash at year end | £14.0m | £33.8m | (£19.8m) |
| Average home league attendance | 51,116 | 51,992 | (876) |
Turnover fell by 2%, from £178.5m to £176.4m.
Media income fell £2.5m, being the net of a lower merit award based on league position, offset against one additional live TV game (19 vs 18) and an increase in international broadcasting income.
Match income increased £0.9m (4%) from £23.9m to £24.8m as season ticket and Premier League matchday attendances averaged over 51,000 for the third successive season.
Commercial income fell £0.5m (2%) from £26.7m to £26.2m, impacted by the success, in the prior year, of the three Ed Sheeran concerts.
Operating expenses increased £3.3m (3%) from £119.6m to £122.9m, due almost entirely to an increase in wages and salaries, which accounted for £3.2m of the increase.
At £96.8m the wages to turnover ratio of 54.9% remains under the target 60%, although slightly up from last year (£93.6m, ratio 52.4%)
Excluding amounts released in respect of prior year onerous contract provisions, the 2019 year figures are £100.9m (2018: £103.4m) and 57.2% (2018: 57.9%).
Player amortisation and trading
Amortisation and impairment of players’ registrations fell to £38.6m (2018: £41.3m).
Profit on disposal of players’ registrations increased to £24.6m (2018:£3.6m).
Cash flow
Cash balance at the year-end was £14.0m (2018: £33.8m).
Repayment of short term debt was £33.0m (2018: £nil).
Full financial statement
The full financial statement for the year ending 30th June 2019 can be found here.