Some of the other financial results released on New Year’s Eve contained bad news, so Wigan Athletic can congratulate themselves on recording a small profit which is an achievement for any football club, even if it was down on last year.
Financial results for the year ending 31 May 2013 show the Championship side made a net profit of £822,000 compared with £4.3m net profit in 2012. The figures cover the season 2012-13 when Latics won the FA Cup for the first time in its history but were relegated from the Premier League in the same week.
Some of the other financial results released on New Year’s Eve contained bad news, so Wigan Athletic can congratulate themselves on recording a small profit which is an achievement for any football club, even if it was down on last year.
Financial results for the year ending 31 May 2013 show the Championship side made a net profit of £822,000 compared with £4.3m net profit in 2012. The figures cover the season 2012-13 when Latics won the FA Cup for the first time in its history but were relegated from the Premier League in the same week.
EBITDA (earnings before interest, tax, depreciation and amortisation of players) was £5.8m compared with £8.9m in the previous year. Turnover increased to £56.4m compared to £52.6m in 2012.
Total expenses including salary costs and amortisation of player contracts increased to £62.7m from £55m in the previous year. Salary costs were the most significant expenditure and these increased to £43.7m compared to the previous year cost of £37.7m. At nearly 78 per cent of turnover, this is well above the 50 per cent figure recommended by Deloitte sports business.
During the year the club invested £10.9m on new players whilst profit from the sale of players was £8.2m primarily due to the sale of Victor Moses to Chelsea.
Debt at 31 May 2013 including bank borrowings and loans from chairman David Whelan and his family remained similar to the previous year at £20.7m. Post year-end transfer activity including the outgoing transfers of James McCarthy and Arouna Kone are not reflected in these figures.