Season › 2013-14 › News Everton reveal profit in annual accounts , 30 January, 0comments | Jump to most recent Latest results show improvement on 2011-12 Everton have announced that the club made an operating profit of £0.7M for 2012-2013, reversing a £6.4M loss for the previous year. The annual accounts cite a 7.3% increase in turnover, thanks to increased broadcast revenue and gate receipts, a £10.7M swing in net profit on player trading and contracts for the season, and a £1M reduction in other operating costs. The figures do not take into account the bumper Premier League broadcast deal that took effect last August, nor do they factor in any of last summer's transfer activity, compensation paid to Wigan Athletic for manager, Roberto Martinez, transfer fees of £6M+ which will become due when certain players reach appearance milestones, or signing on/bonus payments of £5m that will come due to current players on specific future dates. Chief Executive, Robert Elstone said of the latest results: “The Board has consistently demonstrated its commitment to competing at the highest level, in the best league in the world. We continue to invest in a young playing squad through the acquisition of key talent and the excellent work of our Academy. "This commitment to youth has been supported by the extension of contracts for many of our experienced performers, all of which continues to sustain a high value in our playing squad not represented on our Balance Sheet. "Away from the pitch, I am also pleased that we have seen growth in all revenue streams, reductions in our cost base and debt levels slightly reduced. It's a very solid financial position that means we are well placed to take advantage of the new Premier League broadcast deal, already flowing through into our 2013-14 numbers.” Chairman, Bill Kenwright, meanwhile expressed his satisfaction with the accounts in the Annual Report, saying, “Each year, when I sit down to carry out my review of the previous year, I focus on whether our Club is in a better position than it was a year ago. “And while we have undoubtedly gone through a period of change, the answer can only be a resounding yes. “On and off the field we continue to push forward on every front, led by the values and ethos that infuse every person and every aspect of the Club's life.” Though Everton's balance sheet shows a £1.25M increase in debts due in the coming year, it also reflects a £1.6M decrease in Net Assets and Liabilities and a £5.5M increase in fixed assets, largely comprising a positive shift in player value. Kenwright ended his statement in the accounts with a renewed pledge to find an investor capable of taking the club forward. "We're making progress, we're optimistic about what lies ahead, but we're undeterred in our search to find the person, or institution with the finance to catapult us even further forward. No-one underestimates the investment needed to take us to the next level. No-one, least of all me, is underestimating the need to find that investment. Again — I promise we will. "Until then, Everton Football Club will be the major part of my life, and I will do everything I can to support each and every one of us to get to where we belong." Summary by Joe Beardwood About these ads © ToffeeWeb