Swans poised to announce healthy profit
Swansea are set to announce a £14.6million profit from their debut season in the Barclays Premier League.
The club, which finished 11th in the top flight last season, had a turnover of £65.2million for the year ending May 31, 2012, according to a statement on the club's official website. The strong set of figures showed the Swans received £5million in compensation payments from Liverpool for the departure of manager Brendan Rodgers and his staff, with the club in the black despite increased operating costs and higher wage bill as a result of their promotion to the Premier League. The statement said: "The directors' review of the business is set to reveal a turnover of £65.2million, which aptly demonstrates the reward of achieving Premier League status, and a net profit after taxation of £14.6million despite operating costs, particularly wages, being double those of the previous year. "The net profit, which was boosted by the £5million received from Liverpool for the loss of management staff, more than counteracts the net loss of £8.3million incurred as a result of the cost of the promotion push in the previous financial year. "The directors will reiterate their resolve to continue to manage budgets which should produce a level of profit capable of generating sufficient cash to fund future growth and capital investment plans."