This year’s financial results for the year ended 30 June 2010 have seen revenue reach a record high of £119.8m (2009: £113.0m). For yet another season we filled our Stadium to capacity for every Premier League home match and during this period Premier League gate receipts rose to £20.1m (2009: £19.8m).
This period has seen the Club produce a record turnover and a 23% increase in operating profit before football trading and amortisation, achieved during what has been a difficult economic time and a season without European competition. These figures show the significant progress that has been made over the past 10 years. This is most notable from a financial perspective given the growth in revenues, intangible assets (players) and tangible assets (Stadium and Training Ground developments). To put this into context, 10 years ago the Club had revenues of £48m, intangible assets of £37m and tangible assets of £47m. We now have revenues of £120m, intangible assets of £116m and property, plant and equipment of over £123m. This is now a business with total assets of over £288m. The Board has always taken the view that the business should be grown prudently and that reinvestment in the core drivers of the business alongside strong partners would deliver stability and, ultimately, success to the Club. Investment in the First Team squad has meant qualification for the Champions League, one of our key goals. Investment in capital projects will mean the ability to continue to compete at the highest level. Alongside these investments are the less obvious but no less important ones which include – investment in young players, in our growing younger fan base, in the growth of our brand footprint internationally and investment in our wider communities. These have also enabled our Club to be the largest charitable donor in the Premier League and our Foundation to be the most extensive provider of community-based projects.
This year’s financial results for the year ended 30 June 2010 have seen revenue reach a record high of £119.8m (2009: £113.0m). For yet another season we filled our Stadium to capacity for every Premier League home match and during this period Premier League gate receipts rose to £20.1m (2009: £19.8m). Increases in media and broadcasting revenues, including the higher merit award for our fourth place finish, along with a rise in merchandising revenue, also contributed to our increased revenues. Importantly, our operating profit excluding football trading, a key performance indicator for how the business is performing as a cash-generating business, increased by 23% to £22.7m (2009: £18.4m). We have continued to invest in the First Team squad and currently have one of the largest squads in the Premier League. Additionally we have invested in our capital projects with the start of building works on the First Team and Academy Training Centre and have recently gained local planning consent for the Northumberland Development Project.
The Club revised its plans for the Northumberland Development Project – the new stadium and related developments scheme – in response to stakeholder feedback. New designs incorporated four retained heritage buildings, a raised piazza and revised southern development with reduced residential and increased public square. The plans were formally submitted to Haringey Council in October 2009 and received approval by the Council’s Planning Committee on 30 September 2010. At the time of publication of this Report, the application was in the process of being referred to the Mayor of London and the Secretary of State in order to obtain full consent.
Tottenham Hotspur plc
Annual Report 2010