Southampton announce profits
Southampton have announced after tax profits of £33.4million for the year ending June 30, 2014, their first full-year profit since the club went into administration in 2009.
St Mary's Football Group Limited audited annual results showed a £33.4million profit on ordinary activities compared to a £7.1million loss in 2013.
Total revenue increased to £106million from £71.8million in 2013 while group wages, including players, increased from £41.4million in 2013 to £55.2million in 2014.
Southampton chief executive officer Gareth Rogers said: "There are lots of positives to take from these financial results. Recording the first profit and positive net asset position for the first time since administration in 2009 is very pleasing. It shows the health of the club and the Group is strong and the foundations are there to be built on."
Southampton's debt now stands at approximately £50m, of which circa £19m is owed to Vibrac, £15m shareholder's loan and a further £15m secured on the shareholder's estate.
A big factor in the increase in revenue was due to the increase of television money, with payments increasing from £46.9m in 2012/13 to £79.4m in 2013/14, while c ommercial income has increased from £6.7m in 2012/13 to £8.3m in 2013/14.
Rogers added: "Our focus remains on developing significant commercial growth which will support our vision to create a sustainable business model.
"We have a strong business plan in place and we're already seeing the green shoots of that plan. We believe it is possible to be a well-managed, well-structured football club that is successful both on and off the pitch."