SWFC Annual Accounts Released

By Nicholas Rigg
September 27 2005

SWFC have released their annual accounts summary up until 31st May 2005. Promotion to the Championship seems to have boosted revenue in more ways than one. Gate reciepts were up, commercial revenues up, and operarting costs were down. Interest was the main reason for the Owls recording a loss.

Wednesday have announced that at the end of the year up to May 31st 2005, the Owls have recorded a loss of £2.52m including interest.

The debt in loans and overdrafts stand at £22.65 million, down on the £22.70 figure given last season.

That may look like bad news for Owls fans, but the bulk of the figure comes from amortisation of players' contracts and asset depreciation, as well as annual interest, and interest which was put on hold by the bank last season.

Season ticket sales are the highest for over a decade, with 15,940 season tickets being sold - more than 1993 when the team were flying high in the top division and also playing in Europe.

Gate reciepts were also at a high, up by 12.73% to £4.77m, thanks to an average gate in League One of over 23,000 - one of the best in the last decade.

Other positive notes come from operating costs and staff costs being reduced.

Chairman Dave Allen told swfc.co.uk: ''These accounts show that turnover was again last year by over 7 per cent to £9.66m, while operating expenses were down by almost 6 per cent to £10.29m. The expenses assigned to amortisation of players' contracts and asset depreciation are non-cash movements in the period. These items accounted for £933,000 of the £1.11 loss before interest.''

The annual report and accounts will be announced at the annual general meeting, which will be held on the 31st October at Sheffield's Cutler's Hall.