2024/25 Annual report - £694.1m revenue, £9.9m loss

richards30 said:
Just seems a shock to make a loss mate? Top class business people making a loss on £694.1m revenues? The CFG as an organization loses a fortune still every year I think?
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I’m sure the amortisation costs have jumped with all the money spent in transfers, will probably jump again next year with the summer transfers. Just think how much we’d lose if they followed your transfer wish lists :)
Football clubs aren’t like any other business, fans don’t want big profits they want the money spent as much as possible and are happy with small losses or small profits.
 
Centurions said:
Has to be in next years I think, it can't "offset" anything from these set of accounts though (if I'm right).
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It depends. We had a minimum guaranteed payment just for taking part, and the competition started before the year end so we could potentially (and plausibly) put that guaranteed amount through these published accounts, plus any guaranteed payments for games we played before June 30th.
 
richards30 said:
Just seems a shock to make a loss mate? Top class business people making a loss on £694.1m revenues? The CFG as an organization loses a fortune still every year I think?
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Don't forget we're still paying Omar Berrada & Jason Wilcox. And they'll be on a decent bonus for the work they're doing currently.
 
blueparrot said:
I’m sure the amortisation costs have jumped with all the money spent in transfers, will probably jump again next year with the summer transfers. Just think how much we’d lose if they followed your transfer wish lists :)
Football clubs aren’t like any other business, fans don’t want big profits they want the money spent as much as possible and are happy with small losses or small profits.
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Does the PSR amortization schedule for transfers appear the same way on the financial report or is that report done separately to the PL? I'd think from my laymen's knowledge that fees paid would not be amortized on annual report the same way we do accounting for PSR? But I am not familiar with English accounting law.

Like signing Semenyo and paying full release clause would show 65 million on the financial report but just 15 per year on the PSR report if he was on five-year deal?
 
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ThreesKompany said:
Does the PSR amortization schedule for transfers appear the same way on the financial report or is that report done separately to the PL? I'd think from my laymen's knowledge that fees paid would not be amortized on annual report the same way we do accounting for PSR? But I am not familiar with English accounting law.
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No idea really, but think when I’ve looked previously amortisation costs are included in the profit loss figure.
 
ThreesKompany said:
Does the PSR amortization schedule for transfers appear the same way on the financial report or is that report done separately to the PL? I'd think from my laymen's knowledge that fees paid would not be amortized on annual report the same way we do accounting for PSR? But I am not familiar with English accounting law.

Like signing Semenyo and paying full release clause would show 65 million on the financial report but just 15 per year on the PSR report if he was on five-year deal.
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The two should be equivalent. How clubs finance transfers doesn't matter. If we bought Semenyo for £65m on a 5-year contract, the annual amortisation would be £13m regardless of whether we paid cash in full up-front or in 3 instalments.
 
report says employee costs total of 408M thats for almost 700 employees including 1st team squad which is responsible for the bulk of it I assume. bit less than previous year 412m.

having said that we took off significant salaries off the list this summer with Grealish, KDB, Gundo, Ederson, Akanji etc, obv we added some others in + a few renewals since.
 
Right, I've had a look and put the numbers into my spreadsheet I use to track them.

Revenue we know is down just over £20m compared to the previous 2 years and that's due to the £34m we dropped from 2024 due to our poor performance and early exit from the CL. That's offset by a £18m increase in other media revenue, which could be down to revenue recognised from the CWC games played prior to June 30th. This current year we've got a new PL deal kicking in, plus the rest of the WC revenue, so assuming we get back to our normal performance in the CL, revenue in the current FY should be very healthy indeed. I'd say £750m isn't out of the question, and that doesn't take into account the new deals with Etihad and First Abu Dhabi Bank. And the extra 6,000 seats, plus the hotel, will start to come on stream. So potentially £800m, which will smash the previous record.

On the down side, wages were largely static £408.4m vs £412.6 in 2024, which is disappointing given our lack of trophies and therefore bonuses. Other Operating Expenses are up by £7.5m, meaning our overall cash expenses were slightly up on 2024.

That means EBITDA (Earnings before Interest, Tax, Depreciation and Amortisation was £91.4m, which is over £25m down on 2024. Player amortisation is slightly up on the previous year but our summer spending was relatively modest. Profit on player trading was the biggest issue, even though we reported £95.2m. Last FY it was £139m so while decent, it's nearly a £45m drop.

Interest payable has jumped significantly, from £5.9m in 2024 to £19.6m in 2025. I'd guess that's because of some borrowing to fund the NS extension. However interest receivable has increased from £1.1m to £7.8m so I'd guess that's due to us sitting on money we've been advanced to fund the expansion.

A figure I like to track is our Operating Loss before player trading and that's been increasing steadily the last 5 years, from £9.8m in 2021, to £60.5m last FY and £93.4m this year. Not many clubs make an operating profit so that's not a problem in itself, but I'd be happy to see this figure getting back to the £20m it was in 2022.

Overall we've turned a net profit of £73.8m in 2024 into a £9.9m loss in 2025. That's mostly due to (a) our CL performance and (b) our lower player trading profit.

There's nothing noteworthy in the rest of the accounts and we should have generated reasonable cashflow, so nothing concerning all in all.
 
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Prestwich_Blue said:
Right, I've had a look and put the numbers into my spreadsheet I use to track them.

Revenue we know is down just over £20m compared to the previous 2 years and that's due to the £34m we dropped from 2024 due to our poor performance and early exit from the CL. That's offset by a £18m increase in other media revenue, which could be down to revenue recognised from the CWC games played prior to June 30th. This current year we've got a new PL deal kicking in, plus the rest of the. WC revenue, so assuming we get back to our normal performance in the CL, revenue in the current FY should be very healthy indeed. I'd say £750m isn't out of the question, and that doesn't take into account the new deals with Etihad and First Abu Dhabi Bank. And the extra 6,000 seats, plus the hotel, will start to come on stream. So potentially £800m, which will smash the previous record.

On the down side, wages were largely static £408.4m vs £412.6 in 2024, which is disappointing given our lack of trophies and therefore bonuses. Other Operating Expenses are up by £7.5m, meaning our overall cash expenses were slightly up on 2024.

That means EBITDA (Earnings before Interest, Tax, Depreciation and Amortisation was £91.4m, which is over £25m down on 2024. Player amortisation is slightly up on the previous year but our summer spending was relatively modest. Profit on player trading was the biggest issue, even though we reported £95.2m. Last FY it was £139m so while decent, it's nearly a £45m drop.

Interest payable has jumped significantly, from £5.9m in 2024 to £19.6m in 2025. I'd guess that's because of some borrowing to fund the NS extension. However interest receivable has increased from £1.1m to £7.8m so I'd guess that's due to us sitting on money we've been advanced to fund the expansion.

A figure I like to track is our Operating Loss before player trading and that's been increasing steadily the last 5 years, from £9.8m in 2021, to £60.5m last FY and £93.4m this year. Not many clubs make an operating profit so that's not a problem in itself but I'd be happy to see this figure getting back to the £20m it was in 2022.

Overall we've turned a net profit of £73.8m in 2024 into a £9.9m loss in 2025. That's mostly due to (a) our CL performance and (b) our lower player trading profit.

There's nothing noteworthy in the rest of the accounts and we should have generated reasonable cashflow so nothing concerning all in all.
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Thanks for that. Sounds pretty good for a trophy-less season
 
BongoBlue said:
How much did we make from the Club World Cup last summer?! And was the money from that included?
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How much we don't know but we do know at least some of it was included in these accounts.

I have nothing to back this up but I suspect participation payments would have been made prior to the tournament which would have meant it was included in this set of figures and then prize money for progression and perhaps a second participation payment was made post tournament which will be covered in this year's accounts to be published next year.
 
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