It was announced today that Crystal Palace have managed to achieve a record £90 million of turnover in the previous financial year.
Palace released their financial results for the previous financial year to Companies House. The club made a pre-tax profit of just under £23m (£17m post-tax) for the year ending June 30th, 2014.
The main reason for the significant increased income was due to the cost of the broadcasting rights rising, gate attendances have grown and also the club achieved record profits from commercial activities, catering and hospitality.
The club have made a large increase from the £14.5m turnover of the previous year, broadcasting rights have been the biggest factor in the rise with the club gaining approximately £74.1 million.
Palace invested around £26 million on and off the pitch, including £22.3 million being spent on playing and coaching staff and around £4 million on various stadium and training ground renovations.
The owners have continued to receive no remuneration or pension benefits during the year. They have recommended that no dividend is paid and all the proceeds are reinvested into the club.
Speaking to the official club website Parish expressed his delight at the progress of the clubs financial stance “I am delighted to announce the club achieved a record turnover of more than £90m for the year ending June 2014 – our first season back in the Premier League – as we continue to restore the club to health both on and off the pitch.”
“The club’s trading company, CPFC2010 Ltd, made a pre-tax profit of just under £23m (£17m post-tax) for the year ending June 30th, 2014, up from £3.5m the previous year.”
Although the numbers are expected to not be as lucrative next year Parish is positive ahead of next years numbers by claiming he still expects the club to make a profit.
“Since the end of the financial year, the club has continued to improve the stadium with new seats, a new lounge and new media centre.
The size of last year’s profit is unlikely to be repeated as first-team wages rise and we continue to strengthen the squad. However, I do expect to post a small profit this year.”
