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Newcastle United: Newcastle hit by profit slump

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posted on Oct, 7 2004 @ 10:58 AM
Newcastle United have announced their operating profit dropped by £3.3m for the year ending 31 July.

The profit fell from £11.6m to £8.3m - a reduction of almost a quarter - according to preliminary results announced on Thursday.

Group turnover fell £6.2m to £90.2m after the team did not achieve qualification to the Champions League, which contributed to a £8m drop in TV revenue to £33.7m.

However, wage and salary costs were down 1% to £44.9m and match revenue increased by 4% to £33.9m, mainly due to an extra match being played at St James' Park.

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