- Oct 8, 2004
- 1,640
- 49
Shame that nobody informed DL that Inter Milan wasn't a two-legged tie, but at least the numbers are looking good, even if he doesn't know what we're up to on the pitch.
http://www.tottenhamhotspur.com/uploads/assets/docstore_new/interim_results310311.pdf
Chairman’s Statement
Financial Results
I am pleased to announce the financial results for the six months ended 31 December 2010. Revenue has seen an increase of 49% from the same period of last year at £79.8m (2009: £53.5m).
Increased revenue and sensible financial management has resulted in a profit from operations before football trading and amortisation for the period of £18.3m (2009: £4.9m).
Participation in this season’s UEFA Champions League contributed significant increases in revenue across the commercial areas of the Club. Notably, Cup competition income and gate receipts increased from £1.9m (for a period during which the Club was not competing in Europe) to £20.3m, despite an early exit from the Carling Cup. Merchandise benefitted from UEFA Champions League participation and saw a 22% increase.
Media and Broadcasting revenues stayed largely consistent with a small rise from £18.6m to £21.1m which reflects the incremental income from the current broadcasting deal.
Consistent with the prior period, Premier League gate receipts rose marginally to £10.8m (2009: £10.6m) as we continue to sell out stadium capacity at 36,240.
Sponsorship and Corporate Hospitality revenue has increased 27% from £12.7m to £16.0m as a result of the innovative split of the shirt sponsorship inventory and Champions League matchday income.
Operating expenses before amortisation of intangible assets have increased by 25% which reflects the size, strength and depth we retained in our squad and which served us well as we competed at the highest level in our first season in the Champions League.
Total non-current assets continued to increase, underlying the on-going long term investment in the Club’s future, in particular the new Training Centre construction.
The current debt profile continues to reflect the significant property holdings acquired as part of the Northumberland Development Project. These loans are underpinned by specific property assets and planning gains. The Board considers this level of debt to be manageable and in line with capital growth plans.
Net assets increased, in the main due to the conversion of the Convertible Redeemable Preference Shares into Ordinary Shares. This also led to the release of a credit of £4.2m to Finance Income which would have arisen over the three-year redemption period had the shares not been converted
early. The result was a 19% increase in net assets to £84.8m and a retained profit for the period of £4.2m from a loss of £6.1m in the same period in 2009.
On the pitch
We have hosted one of the largest squads in the Premier League during this period. It is important to create a healthy balance in any squad between competition for places and for players to play consistently. Whilst this large squad eased our progress in the Champions League, we shall continue to look to streamline our squad where appropriate. There has, however, been less movement in the transfer market than we have seen for many seasons and this has resulted in a number of our first team players going out on loan.
Extended contracts were agreed with First Team players Benoit Assou-Ekotto, Luka Modric and Kyle Walker; Development Squad players John Bostock, Nathan Byrne, Thomas Carroll, Steven Caulker, Jake Livermore, Jake Nicholson, Dean Parrett and Danny Rose and Academy players Ryan Fredericks and Harry Kane.
During the summer we signed Rafael van der Vaart, William Gallas, Stipe Pletikosa (on loan), Sandro (from our Partner Club Internacionale) and re-signed Simon Dawkins.
Dorian Dervite and Adel Taarabt were sold and Anton Blackwood was released. We wish them well for the future.
Pre-season the Club trained and played against our Partner Club, San Jose Earthquakes in California USA. The match, televised by ESPN, attracted their single largest viewing figure with a record one million viewers. The team then went on to participate in the Barclays Football Challenge in New York.
We made our debut in the UEFA Champions League against BSC Young Boys and were successful in our Group Stage matches which included a memorable hat-trick by Gareth Bale against Inter Milan and an equally thrilling second leg at the Lane. Our win against Werder Bremen secured our qualification for the last 16.
Outside of this period strong performances home and away against AC Milan saw us progress to the Quarter Finals - a remarkable achievement in our first UEFA Champions League appearance.
Off the pitch
The Club has made solid progress with its investment in the future growth of the Club’s facilities – the new Training Centre at Enfield is halfway through construction and on target to be opened in the summer of 2012. Construction work began on the main building of the new Training Centre in September 2010 and its progress can be tracked on the Future Plans section of the Club website.
Our position with regard to the viability of the Northumberland Development Project remains unchanged from the year end. The Club continued to consider all options for the development of a new stadium with increased capacity. Planning permission, subject to the completion of a S106, was granted during this period for the Northumberland Development Project. The Club participated in the bid process for tenancy of the Olympic Stadium site post the Olympics. The Club was not successful
in being selected as the preferred bidder for the Olympic Stadium and is now reviewing the process along with working constructively with Haringey Council and the Mayor of London to see if it is possible to enhance the feasibility of the current planning permission.
We welcome the recent announcement that a Mayoral Development Corporation is proposed for Haringey. This is a positive first step towards attracting investment into an area which is one of the most deprived in London.
An increased capacity stadium is a vital element of the growth of the Club. Our waiting list for season tickets is currently at 35,500, almost the capacity of our current stadium. Whilst a larger stadium will result in greater revenue generation, it is arguably more important that we seek to accommodate the next generation of supporters and thereby ensure the future long-term growth and success of our Club.
The Tottenham Hotspur Foundation continues to go from strength to strength and during this period we became the first ever football club community scheme to run a University degree when our Applied Sport and Community Development degree was validated in July 2010.
Our Football Club Board was joined by Darren Eales in June 2010 as our Director of Football Administration and in December by our new Director with responsibility for commercial operations, Charlie Wijeratna. Additionally we welcomed Kevan Watts as a Non-Executive Director alongside Sir Keith Mills to our plc Board.
Summary and Outlook
Once again I am delighted to be able to report on a start to a season which saw us competing well and at the highest level.
We have all seen the many benefits that competing in the UEFA Champions League brings us, in what has been a truly memorable and enjoyable season to date.
The statistics will show how fiercely competitive the Premier League now is. We shall look back and be disappointed with our form against clubs in the bottom quarter of the table if we fail to qualify for the UEFA Champions League at the end of this season. It has been in these fixtures where we have taken fewer points than any other team in the Premier League and this is the anomaly in what has otherwise been one of our greatest ever seasons.
In our first season in Europe’s elite competition, we now find ourselves in the Quarter Finals playing Real Madrid, with a squad which has produced entertaining football and won the Club new fans around the world.
Next season sees the beginning of monitoring for the introduction of the Financial Fair Play Regulations. If applied as they are intended, these will have a profound impact in respect of overall wage bills and spending on transfers. Increased income generation through club activities will be paramount to the future success of the Club. Historically and currently we comply with these regulations.
We also await the outcome of the EU Ruling on the future of media rights sold by the Premier League. The Premier League has indicated that it will seek to protect the value of UK rights which account for some 60% of the global value, but it is only prudent that we remain mindful of the potential impact any ruling could have on the ability of the Premier League to monetise these rights internationally.
Our first half figures reflect a strong performance, buoyed by the contribution from our participation in the UEFA Champions League. Our investment over the years in the First Team has produced our recent successes. Our challenge going forward will be to continue our success on the pitch, to create and produce greater revenue streams and to invest prudently in capital growth projects, alongside controlling our operating expenses.
I was delighted that the Club topped the Premier League’s Club Charter table in a recent review by the Football Supporters Federation. We constantly seek to deliver not only excellent standards of customer service, but also to be accessible and responsive to our fans and this was a welcome recognition of our efforts.
As always I am keen to acknowledge and thank all our stakeholders, Harry, the coaches, staff and fans, all of whom contribute to the overall success and strength of the Club.
D P Levy
31 March 2011
http://www.tottenhamhotspur.com/uploads/assets/docstore_new/interim_results310311.pdf
Chairman’s Statement
Financial Results
I am pleased to announce the financial results for the six months ended 31 December 2010. Revenue has seen an increase of 49% from the same period of last year at £79.8m (2009: £53.5m).
Increased revenue and sensible financial management has resulted in a profit from operations before football trading and amortisation for the period of £18.3m (2009: £4.9m).
Participation in this season’s UEFA Champions League contributed significant increases in revenue across the commercial areas of the Club. Notably, Cup competition income and gate receipts increased from £1.9m (for a period during which the Club was not competing in Europe) to £20.3m, despite an early exit from the Carling Cup. Merchandise benefitted from UEFA Champions League participation and saw a 22% increase.
Media and Broadcasting revenues stayed largely consistent with a small rise from £18.6m to £21.1m which reflects the incremental income from the current broadcasting deal.
Consistent with the prior period, Premier League gate receipts rose marginally to £10.8m (2009: £10.6m) as we continue to sell out stadium capacity at 36,240.
Sponsorship and Corporate Hospitality revenue has increased 27% from £12.7m to £16.0m as a result of the innovative split of the shirt sponsorship inventory and Champions League matchday income.
Operating expenses before amortisation of intangible assets have increased by 25% which reflects the size, strength and depth we retained in our squad and which served us well as we competed at the highest level in our first season in the Champions League.
Total non-current assets continued to increase, underlying the on-going long term investment in the Club’s future, in particular the new Training Centre construction.
The current debt profile continues to reflect the significant property holdings acquired as part of the Northumberland Development Project. These loans are underpinned by specific property assets and planning gains. The Board considers this level of debt to be manageable and in line with capital growth plans.
Net assets increased, in the main due to the conversion of the Convertible Redeemable Preference Shares into Ordinary Shares. This also led to the release of a credit of £4.2m to Finance Income which would have arisen over the three-year redemption period had the shares not been converted
early. The result was a 19% increase in net assets to £84.8m and a retained profit for the period of £4.2m from a loss of £6.1m in the same period in 2009.
On the pitch
We have hosted one of the largest squads in the Premier League during this period. It is important to create a healthy balance in any squad between competition for places and for players to play consistently. Whilst this large squad eased our progress in the Champions League, we shall continue to look to streamline our squad where appropriate. There has, however, been less movement in the transfer market than we have seen for many seasons and this has resulted in a number of our first team players going out on loan.
Extended contracts were agreed with First Team players Benoit Assou-Ekotto, Luka Modric and Kyle Walker; Development Squad players John Bostock, Nathan Byrne, Thomas Carroll, Steven Caulker, Jake Livermore, Jake Nicholson, Dean Parrett and Danny Rose and Academy players Ryan Fredericks and Harry Kane.
During the summer we signed Rafael van der Vaart, William Gallas, Stipe Pletikosa (on loan), Sandro (from our Partner Club Internacionale) and re-signed Simon Dawkins.
Dorian Dervite and Adel Taarabt were sold and Anton Blackwood was released. We wish them well for the future.
Pre-season the Club trained and played against our Partner Club, San Jose Earthquakes in California USA. The match, televised by ESPN, attracted their single largest viewing figure with a record one million viewers. The team then went on to participate in the Barclays Football Challenge in New York.
We made our debut in the UEFA Champions League against BSC Young Boys and were successful in our Group Stage matches which included a memorable hat-trick by Gareth Bale against Inter Milan and an equally thrilling second leg at the Lane. Our win against Werder Bremen secured our qualification for the last 16.
Outside of this period strong performances home and away against AC Milan saw us progress to the Quarter Finals - a remarkable achievement in our first UEFA Champions League appearance.
Off the pitch
The Club has made solid progress with its investment in the future growth of the Club’s facilities – the new Training Centre at Enfield is halfway through construction and on target to be opened in the summer of 2012. Construction work began on the main building of the new Training Centre in September 2010 and its progress can be tracked on the Future Plans section of the Club website.
Our position with regard to the viability of the Northumberland Development Project remains unchanged from the year end. The Club continued to consider all options for the development of a new stadium with increased capacity. Planning permission, subject to the completion of a S106, was granted during this period for the Northumberland Development Project. The Club participated in the bid process for tenancy of the Olympic Stadium site post the Olympics. The Club was not successful
in being selected as the preferred bidder for the Olympic Stadium and is now reviewing the process along with working constructively with Haringey Council and the Mayor of London to see if it is possible to enhance the feasibility of the current planning permission.
We welcome the recent announcement that a Mayoral Development Corporation is proposed for Haringey. This is a positive first step towards attracting investment into an area which is one of the most deprived in London.
An increased capacity stadium is a vital element of the growth of the Club. Our waiting list for season tickets is currently at 35,500, almost the capacity of our current stadium. Whilst a larger stadium will result in greater revenue generation, it is arguably more important that we seek to accommodate the next generation of supporters and thereby ensure the future long-term growth and success of our Club.
The Tottenham Hotspur Foundation continues to go from strength to strength and during this period we became the first ever football club community scheme to run a University degree when our Applied Sport and Community Development degree was validated in July 2010.
Our Football Club Board was joined by Darren Eales in June 2010 as our Director of Football Administration and in December by our new Director with responsibility for commercial operations, Charlie Wijeratna. Additionally we welcomed Kevan Watts as a Non-Executive Director alongside Sir Keith Mills to our plc Board.
Summary and Outlook
Once again I am delighted to be able to report on a start to a season which saw us competing well and at the highest level.
We have all seen the many benefits that competing in the UEFA Champions League brings us, in what has been a truly memorable and enjoyable season to date.
The statistics will show how fiercely competitive the Premier League now is. We shall look back and be disappointed with our form against clubs in the bottom quarter of the table if we fail to qualify for the UEFA Champions League at the end of this season. It has been in these fixtures where we have taken fewer points than any other team in the Premier League and this is the anomaly in what has otherwise been one of our greatest ever seasons.
In our first season in Europe’s elite competition, we now find ourselves in the Quarter Finals playing Real Madrid, with a squad which has produced entertaining football and won the Club new fans around the world.
Next season sees the beginning of monitoring for the introduction of the Financial Fair Play Regulations. If applied as they are intended, these will have a profound impact in respect of overall wage bills and spending on transfers. Increased income generation through club activities will be paramount to the future success of the Club. Historically and currently we comply with these regulations.
We also await the outcome of the EU Ruling on the future of media rights sold by the Premier League. The Premier League has indicated that it will seek to protect the value of UK rights which account for some 60% of the global value, but it is only prudent that we remain mindful of the potential impact any ruling could have on the ability of the Premier League to monetise these rights internationally.
Our first half figures reflect a strong performance, buoyed by the contribution from our participation in the UEFA Champions League. Our investment over the years in the First Team has produced our recent successes. Our challenge going forward will be to continue our success on the pitch, to create and produce greater revenue streams and to invest prudently in capital growth projects, alongside controlling our operating expenses.
I was delighted that the Club topped the Premier League’s Club Charter table in a recent review by the Football Supporters Federation. We constantly seek to deliver not only excellent standards of customer service, but also to be accessible and responsive to our fans and this was a welcome recognition of our efforts.
As always I am keen to acknowledge and thank all our stakeholders, Harry, the coaches, staff and fans, all of whom contribute to the overall success and strength of the Club.
D P Levy
31 March 2011