Financial results, year end 30 June 2017
Tue 03 April 2018, 08:00|Tottenham Hotspur
Revenue for the year ended 30 June 2017 was at a record level of £306.3m (2016: £209.8m).
Premier League gate receipts were £19.0m (2016: £22.2m). Gate receipts decreased in comparison to the prior year as a result of the demolition of the North-East corner of White Hart Lane Stadium. The stadium continued to sell out for all Premier League home games, further underlining the need for an increased capacity stadium to meet demand and satisfy a waiting list for season tickets that has now risen to over 62,000.
The Club participated in the group stages of the UEFA Champions League and the round of 32 of the UEFA Europa League (2016: round of 16 of UEFA Europa League) resulting in gate receipts and prize money of £44.6m (2016: £18.7m).
Revenue from the domestic cup competitions earned the Club £5.0m (2016: £2.4m).
Television and media revenues rose to £149.8m (2016: £94.8m), due to the commencement of a new three-year Premier League broadcasting deal and a record second place league finish (2016: third).
Sponsorship and corporate hospitality revenue was £54.7m (2016: £48.8m) and merchandising revenue was £14.0m (2016: £12.0m).
Profit from operations, excluding football trading and before exceptional items and depreciation, was £117.6m (2016: £63.3m). Profit for the year after interest and tax was £41.2m (2016: £33.0m).
The Group has continued to invest significantly in construction work, professional fees and enabling works relating to the Northumberland Development Project (NDP) with the cumulative spend increasing from £115.3m to £315.1m during the period.
Group net assets are £227.2m (2016: £206.1m) whilst the Group has cash, net of all borrowing of £14.6m (2016: £47.6m).
Northumberland Development Project (NDP) Update
Following the demolition of White Hart Lane in May, 2017, the construction of the new stadium has significantly accelerated. The roof is in the process of being raised with many interior areas being fitted out; seats are currently being installed in the bowl along with the LED video screens. The Tottenham Experience, Museum and Retail store, which includes the restoration of the historic Warmington House, is well underway. Groundworks have been completed to Paxton House which will deliver a new Ticket Office and an additional retail store. Percy House has been painstakingly restored to its former glory and is now the new home of the Tottenham Hotspur Foundation.
We continue to push local and regional government regarding the timely delivery of the associated public sector infrastructure work and transport upgrades.
The stadium project continues to drive benefits to the local area. We have now delivered more than 1,200 jobs across many different sectors of employment.
The elite player accommodation facility for the First Team and Academy will open in May, 2018. This 46-bedroom facility will deliver an unparalleled environment for player rest and rehabilitation, further enhancing what is widely recognised as one of the best Training Centres in Europe. The Brazil national team will be using the facility for their pre-World Cup preparations.
Chairman, Daniel Levy, said: “Extraordinary levels of financial and human resource have seen significant progress on capital projects, with schemes underway at both the new stadium site and our Training Centre.
“As custodians of the Club we are ever-conscious of the need to ensure the future stability of the Club whilst managing its growth.
“We are in an historic period for the Club and there is a growing sense of excitement. There will, however, be many challenges in the coming months as we near the latter stages of the construction of the new stadium and its opening.
“The drive and determination to deliver our best across all areas of the Club, together with the unity and support of all involved, will, I believe, see us meet those challenges.”