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Financial boost for Norwich

Norwich have wiped out all of their external debt and returned a small profit after tax of £500,000.

Last Updated: 10/10/13 at 08:39 Post Comment

Norwich City: Good financial results for the year up to 31 May

Norwich City: Good financial results for the year up to 31 May

The Premier League club revealed the figures on Thursday morning in accounts published for the year end 31 May, 2013.

Overall revenue at Carrow Road was up to £78.7m from £74.3m in 2012, with a profit of £500,000 which was down from £13.5m as the club moved to slash external debt from £11.3m to around £900,000, with £700,000 of that as 'preference shares' and the remaining balance now paid off since 1 June.

Norwich chairman Alan Bowkett admits he is delighted with the figures, as the club look to cement their place in the top flight this season.

Bowkett said: "Again these are a pleasing set of financial results in line with our objective of attempting to run the club as a mutual.

"We have been able to cement our position in the Premier League by increasing our expenditure on football by 46 per cent and yet still be one of a few clubs in the Premier League to remain in profit.

"Additionally, subsequent to the accounts cut-off date, we have paid back all of our external debt.

"My thanks to all the team at Norwich City Football Club, both on and off the field."

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