Burnley Football Club recorded a net profit for a third successive season during the financial year ending June, 2019.
The Clarets’ annual accounts for Burnley FC Holdings Ltd show a surplus of £4.3m (£5m pre-tax) as Sean Dyche’s side secured a fourth successive season of top-flight football for the first time in almost half a century.
The figure was down on the record profit of £36.6m (£45m pre-tax) recorded for the previous 12 months, due largely to a higher net spend on new players of approximately £20m compared to the previous year where the sales of Andre Gray and Michael Keane boosted profitability considerably.
The club’s annual turnover decreased slightly by just over £1m to £137.8m, due in part to a decrease in Premier League ‘place monies’ after the Clarets finished 15th in the table in 2019 following their Europa League campaign achieved by a top-seven finish in the 2017/18 season.
The wage bill increased from £82m to £87m, mainly due to increased player, coaching and other football staff costs, with the wage to turnover ratio now sitting at 62.86 per cent.
“In the second half of the season we also invested heavily in our recruitment and scouting set-up, more than tripling the number of full-time staff,” said Chairman Mike Garlick in his annual report to shareholders.
“We are confident that this increased investment will slowly but surely develop our ability to identify and sign players that can improve our first-team squad, whilst at the same time helping to maintain our financial sustainability as a club for generations to come.”
Following the year end the club secured the permanent signings of Jay Rodriguez, Bailey Peacock-Farrell, Erik Pieters and Joshua Brownhill to strengthen the senior squad, while Tom Heaton, Steven Defour, Stephen Ward and Nahki Wells all left Turf Moor.
Mr Garlick added: “Following our spectacular seventh-place finish in the 2017/18 season, we embarked on our first season in Europe in over 50 years - something, which I’m sure most of us, a few years ago, thought we would never see again.
“Combining our European adventure with the weekly fixture programme of the Premier league proved highly challenging.
“But following a highly successful second half of the season we managed to slowly but steadily climb up the table to a respectable finish and secure our fourth consecutive season of top-flight football for the first time in 50 years.
“I would like to thank all our staff for their continued hard work and commitment and all our fans for their unwavering support and passion. You all help to make a difference.
“The future is extremely bright for all of us, although in the short term we know we all face unique challenges brought about by the coronavirus pandemic.
“Issuing the club accounts is a legal requirement but our immediate thoughts are with those dealing with the effects of the current on-going situation.
“We are working closely with the Premier League and the relevant authorities regarding footballing matters, while off the field making sure the club continues to operate effectively and all staff, family and fans stay as safe and healthy and well supported as possible.
“We also urge you to follow all Government guidelines in trying to restrict the spread of the virus and by doing so look forward to the day when we can all meet again at Turf Moor and celebrate playing football in a safe environment.”
Elsewhere in the annual accounts, match income was shown to have risen from £5.6m to £6.3m in the 12 months up to last June.
Catering and retail sales stayed almost static at around £2.6m and £1.8m respectively, while income from other commercial activity rose from £7.3m to £12m.
The 2019 accounts, which have been distributed to shareholders, can be found, along with the Chairman's statement, at the foot of the following link: