Spurs may be doing well on the pitch, but they recorded a big drop in player transfer profits in their results for the six months to 31 December 2009. They fell to £9.4m from £53.4m the previous year when significant gains were made from the sales of Dimitar Berbatov and Robbie Keane. Revenue for the period was slightly lower at £53.5m (2008 interim £54.8m). Profit from operations was steady at £4.9m.
Spurs may be doing well on the pitch, but they recorded a big drop in player transfer profits in their results for the six months to 31 December 2009. They fell to £9.4m from £53.4m the previous year when significant gains were made from the sales of Dimitar Berbatov and Robbie Keane. Revenue for the period was slightly lower at £53.5m (2008 interim £54.8m). Profit from operations was steady at £4.9m.
Media and broadcasting revenues were slightly up at £18.6m. This contribution is expected to grow for the second half of the year as a result of an increased number of broadcast matches. Premier League gate receipts were also slightly up despite a freeze on ticket prices. On the pitch progress resulted in a 14 per cent increase in merchandising income, with particularly strong internet sales. However, the loss of European football, with no qualification for what is now the Europa Cup, saw sponsorship and corporate hospitality income fall by 11 per cent. Shirt sponsorship is due for renewal in 2010/11 and the club says it is in discussions.
Stringent financial management has helped to keep operating expenses under control and they fell from £50m to £48.6m despite an increase player related costs. The club noted in somewhat dry tones that ‘The stability of first team management and absence of restructuring costs have assisted in reducing operating costs. Until the current era, manager turnover has been something of a feature at White Hart Lane.
The club has continued to invest in site assembly for the new stadium project and the development of the new training centre. In August 2009 the club raised £15m through a new share issue in order to ensure that its cash flow was not impacted by what it calls the Northumberland Development Project.
Spurs remains one of the few quoted football clubs and shares showed a slight rise after the release of the news.