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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