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Financial results

Posted on 27 March 2015  - 08:00

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Financial Highlights

Revenue for the year ended 30 June 2014 was at a record level of £180.5m, an increase of 22% on the prior year (2013: £147.4m).

Profit from operations excluding football trading and before restructuring and depreciation was £36.0m (2013: £23.4m). Profit for the year after interest and tax was £65.3m (2013: £1.5m).

The Club had net funds of £3.2m at the year end (2013: net debt £54.8m) and net assets had risen to £183.7 million (2013: £78.4m).

Northumberland Development Project (NDP) Update

The Club has been actively engaged with developments that contribute to the uplift of the local area. To date we have delivered Brook House, in partnership with Newlon Housing Trust, which has  23 floors of shared ownership housing along with a new primary school. We have also completed Phase 1 of the NDP, Lilywhite House, which comprises a major new Sainsbury’s, a University Technical College and our new Club offices.

Visitors to the stadium will have seen the extensive site clearance work underway in preparation for the new stadium.

In respect of the last remaining property needed to complete the stadium site assembly, the lengthy challenge by Archway Sheet Metal Works Limited to the Secretary of State’s decision to grant a Compulsory Purchase Order (CPO) was comprehensively rejected on all grounds after a High Court hearing in February 2015.

Haringey Council has now started the legal CPO process that will culminate with the land price being determined by the Lands Chamber of the Upper Tribunal. On 6 March 2015 the Council published and served a Notice of Intention to execute a General Vesting Declaration in respect of the CPO land (which includes the Archway land). Service of this notice allows Haringey Council to execute a General Vesting Declaration from 7 May 2015.  This will allow the Council to take possession of all remaining parcels of land under the CPO from 5 June 2015.

We shall continue to provide updates as matters progress.

Player Accommodation Lodge at the Training Centre

We were delighted that our application to build a Private Lodge for player accommodation, on a site adjacent to the Training Centre, was approved by Enfield Council in February.

The scheme will deliver high quality private accommodation for the First Team and Academy in an architecturally designed facility, and will allow  the Club to create a controlled, consistent and familiar environment for our players to optimise rest, rehabilitation, recovery and diet alongside our world-class Training Centre.

Spurs Lodge, Chigwell

The Club has been working on several options for our previous Training facility in Chigwell and an application, led by the Anderson Foundation to deliver a state of the art school for young people with autism, aged 4 to 25, and a world-leading diagnostic centre, in partnership with the Club and the National Autistic Society, has been approved by Epping Forest District Council.

The Autistic Spectrum Disorder (ASD) School, designed to provide specialist education for up to 128 pupils, includes a mixed-use games area, playing fields and a kitchen garden and will cater for young people with ASD from across the Essex region.

It will be the first purpose built facility specifically designed to provide the best possible learning environment for people diagnosed with autism in the world. The new school is due to open in September 2016 and will be managed and operated by the National Autistic Society, the leading charity in this specialist area of education.

As part of the approved application, 60 new homes will be built as enabling development, with the proceeds being used to pay for the delivery of the school and its facilities.

The Club is delighted that a suitable use has been found for Spurs Lodge given its considerable planning constraints. This scheme will ensure that the long term interests of the community are served through the delivery of a high quality school for young people with autism while enabling us to maintain an interest in a site that has played such an important and momentous role in the recent history of our Club.

Outlook

Chairman, Daniel Levy, said: "This financial period saw major changes to the squad. The appointment of Mauricio and his coaching staff in June 2014 has resulted in a coherent determination from top to bottom of the footballing side of the Club to ensure our sporting philosophy is adhered to - that is to have a balance of experienced and home grown players, playing attacking, entertaining football our fans love to watch. This strategy will continue as we embark on the summer transfer window.

“We continue to devote our energies to delivering a new home for the Club in Tottenham. It has been rewarding to see the progress and growth now being made both on and off the pitch and we look ahead with realistic optimism."