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Newcastle have been trying to put the recent fisticuffs on the pitch between Lee Bowyer and Kieron Dyer behind them. Presenting the club's interim results chairman Freddy Shepherd commented, 'There's still a lot happening off the pitch, apart from the boxing matches on it. It's a good business and they're good numbers.' Closer scrutiny of the numbers suggests a mixed performance, rather like the Toon's year on the pitch. Pre-tax profits quadrupled to £9.05m, thanks partly to Jonathan Woodgate's £13.4m move to Real Madrid. But operating profits of £2.89m for the six months to 31 January were down 37 per cent on the same period a year ago. More worryingly, there was an operating cash outflow of £2.84m, the first such outflow in four years. A special factor was a £2m pay-off to former manager Sir Bobby Robson. However, as the Financial Times commented, 'making a profit without positive operating cashflow is a bit like enjoying lots of possession without getting shots on goal. The last time Newcastle reported that kind of financial performance, its share price fell by nearly half over 12 months.' However, lucrative new shirt deals with Adidas and Northern Rock kick in on 1 June and should boost cashflow. Moreover, a forthcoming film Goal! tells the story of a Hispanic lad who travels from Los Angeles to Newcastle and helps the club win the Premiership. It's a trilogy and in the second part he gets sold to Real Madrid.
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