Jacks make a profit in accounts / 6th time in their last 9

#Swans have now been profitable six times in the last nine years. In the seven seasons in the Premier League (between 2012 and 2018), profits amounted to £36m. Even the last two seasons in the Championship have only resulted in a small net loss of £4m.


10/05/2021

#Swans swung from a pre-tax loss of £7m to a profit of £2.7m, despite revenue falling £18m (27%) from £68m to £50m and profit from player sales dropping £12m (41%) from £30m to £18m, as total expenses were reduced by £40m (38%). Profit after tax was £1.7m.

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The main reason for #Swans £18m revenue reduction was broadcasting, which dropped £13m (25%) from £52m to £39m, mainly due to lower parachute payment, though commercial was also down £2m (26%) to £6m and match day fell £1.7m (26%) to £4.8m. Player loans were down £1.7m to £0.2m.

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To offset the steep revenue reduction, #Swans cut the wage bill by £9m (19%) from £48m to £39m, while player amortisation/impairment was down £19m (64%) to £11m, other expenses decreased £10m (45%) to £22m and net interest payable fell £2.0m to £0.5m.

The fact that Swans managed to make a £3m profit is a noteworthy achievement. Only one other Championship club is also profitable in 2019/20 to date (#HCAFC £3m), while some have reported huge losses, including Leeds United £62m, Reading £42m, Middlesbrough £36m and WBA £23m.

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It is also worth noting that some clubs’ most recent figures have been boosted by the sale of stadiums, training grounds and land, especially #DCFC £40m, #SWFC £38m and #AVFC £36m, so their underlying profitability was even worse than reported.

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Excluding property sales, only 2 Championship clubs are profitable in 2019/20 to date (#Swans and #HCAFC, with £3m apiece). Very few clubs manage to make money in this ultra-competitive division, though largest losses often from promoted clubs – including hefty promotion bonuses.

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#Swans noted that £18m profit from player sales was “used to fund the overall operating loss”, though down from prior year’s £30m. Mainly came from sale of Oli McBurnie to #SUFC. Still pretty good, but a fair bit lower than Bristol City £26m, Brentford £25m and Hull City £23m.

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#Swans have now been profitable six times in the last nine years. In the seven seasons in the Premier League (between 2012 and 2018), profits amounted to £36m. Even the last two seasons in the Championship have only resulted in a small net loss of £4m.

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