Swansea City announce a loss of £647,000 in the year to 31/5/07
The accounts - filed at Companies House on 28th March show a loss of the above figure for the 12 months compared to a profit of £447,000 for the twelve months previous.
Turnover for the twelve months was down by £1.4 million as the club failed to meet the play offs achieved the year before which brought a substantial revenue to the club. The figures announced today do not include the sale of Lee Trundle or any of Roberto's spending last summer.
The statement - released via the club's official website read as follows
"The accounts report a Net Loss of £647,133 which compares with a Net Profit of £447,793 for the year ended 31st May 2006.
"While expenditure was down by £353,086, turnover was also down by £1,450,691. This was as a direct consequence of not quite being able to match the previous season's success on the pitch when the club won the FAW Premier Cup and twice participated in finals at The Millenium Stadium. There was also a drop in average league match attendance at the Liberty Stadium from 14,103 to 12,720.
"The club has continued its prudent policy of including all players transfer fees whether income or expenditure in its profit and loss account as incurred. Therefore neither the cost nor market value of the playing staff is included as an asset in the Balance Sheet.
"The club has now clinched promotion to the Championship following a memorable 2007/8 League 1 campaign - a remarkable reward for Roberto Martinez in his first full season as a manager and his inspired playing squad.
"Yes, missing out on trips to Anfield and Wembley was a huge disappointment and a major loss of revenue, but investment in the playing squad and maintaining a strong focus on league performance is already producing fantastic results.
"The Board optimistically sees the promotion as a stepping stone to establish a place in the top echelon of British football and wishes to recognise the excellent contribution being made by staff, supporters, local Council and media and is confident that it continues to be in good shape to meet its objectives."
Anyone wishing to obtain a full set of the accounts can do so from the companies house website at a cost of just £1