Belfast Telegraph

Everton post £30million after-tax profit and record turnover

Everton have posted a record turnover and an after-tax profit of more than £30million.

The Toffees' turnover, boosted by the bumper TV deal and Everton's seventh-placed finish in the Premier League, increased to £171.3million, nearly £50million more than the club's previous best in 2014/15.

Having lost £24.3million in 2015/16, Everton's profits soared back into the black despite significant player investment, with staff wages as a percentage of turnover significantly reducing.

A shareholder loan of £105million, increased to £150million post year-end, allowed the club to repay long-term debt and other short-term loans, which cost £2.8million per year in interest and other charges.

Success on the pitch saw Everton boast average attendances at Goodison Park of more than 39,000 for the first time, although reductions in season ticket prices and poor performances in the cups meant gate receipts fell slightly.

Chief executive Robert Elstone said: "Our financial performance in 2016/17 breaks all records and highlights the progress made by the club in recent years.

"Whilst the Premier League's incredible new TV deal has made the biggest contribution to our results, we have created waiting lists for season tickets, filled our lounges and grown our commercial income.

"As well as maintaining strong relationships with existing partners, the club's first training ground naming rights partnership with USM Holdings and new partnerships with William Hill and Sure contributed to sponsorship and advertising revenue increasing by almost 66 per cent to £15.4m from £9.3m.

"And we're confident it is progress that will continue into 2017/18 with our highest ever sponsorship deal from SportPesa and our first sleeve partner, Angry Birds."

Everton chairman Bill Kenwright praised the impact of majority shareholder Farhad Moshiri, who has invested heavily in the club since acquiring his 49.9 per cent stake.

"His support has allowed us to repay the long-term debt, invest in our playing squad, expand and improve Finch Farm and make significant and overdue improvements to how Goodison Park looks and operates," said Kenwright.

"I have always said that I believe Farhad is exactly the right person to take our club forward; his ambition matches that of every Evertonian and both the financial investment and the time he has put into the club demonstrates that commitment."

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