I am delighted to announce the club achieved a record turnover of more than £90m for the year ending June 2014 – our first season back in the Premier League - as we continue to restore the club to health both on and off the pitch.
The club’s trading company, CPFC 2010 Ltd, made a pre-tax profit of just under £23m (£17m post-tax) for the year ending June 30th, 2014, up from £3.5m the previous year.
The improved profit stemmed mainly from increased broadcasting income, combined with prudent financial planning and management. Gate receipts grew as attendances increased and we also achieved record income from commercial activities, catering and hospitality. The club’s £90.4m turnover was up from £14.5m in 2013. Broadcasting income accounted for £74.1m of turnover.
During this accounting period, the club spent close to £26m of cash investing in players and infrastructure, acquiring the training ground, laying a new pitch with under-soil heating and developing the academy, as well as building modern bar and restaurant facilities whilst also improving catering areas at Selhurst Park.
The profit from 2013/14 has largely been reinvested, with a further £22.3million spent on player acquisition (this figure includes compensation paid to Newcastle United when we hired Alan Pardew in January) and about £4m on various stadium and training ground improvements. We believe that these investments will continue to reap benefits for the club in the future.
The directors of CPFC 2010 received no remuneration or pension benefits during the year. They have recommended that no dividend is paid and all the proceeds are reinvested into the club. Since the end of the financial year, the club has continued to improve the stadium with new seats, a new lounge and new media centre.
The size of last year's profit is unlikely to be repeated as first-team wages rise and we continue to strengthen the squad. However, I do expect to post a small profit this year.
The results have been filed at Companies House and full details will soon be published on its website.