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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.

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