Headline financial information for 2014/15
Wolves have released headline financial information for the year to 31st May 2015, which reflects the 2014/15 Sky Bet Championship season.
This was Wolves’ first season back in the Sky Bet Championship following the League One title winning season. The team finished in seventh place, only missing out on a play-off place due to goal difference.
As in previous years, Wolves held an advance briefing and Q&A session with the Wolves Fans Parliament on 10th February 2016, with Chief Executive, Jez Moxey, Rita Purewal, Chief Financial Officer and Richard Skirrow, Club Secretary, all in attendance.
Click HERE to review the full discussion and independently taken Fans Parliament minutes, which relate to the Club’s statutory accounts.
The Club reported a pre-tax profit of £0.7m (2013/14: £8.4m) for the financial year ending 31 May 2015. However, as in the previous year the profit figure benefits from the release (a sum of £6.7m) as part of an exceptional onerous contract provision that was made in the audited accounts for the financial year ending May 2013 following the Club’s relegation to Sky Bet League One.
Turnover was down to £26.4m (2013/14: £32.6m), reflecting a drop of £8.9m in Premier League parachute payments, which was partially offset by an increase of £1.0m in Football League distributions as well as increased ticketing and commercial income.
Home league attendances for the season averaged 22,423 (2013/14: 20,860), including 13,998 season ticket holders (2013/14: 11,817) with the total net receipts increasing by £0.4m.
Commercial income, including sponsorship and advertising, also increased by £1.1m.
During the financial period under review, the Club brought in first team players: Benik Afobe, George Saville, Rajiv van La Parra, Tommy Rowe and Tomas Kuszczak whilst Kortney Hause and Jordan Graham, signed as u21 squad players, have now broken through into the first team.
Players leaving the Club included: Tongo Doumbia, Stephen Ward, David Davis and Anthony Forde.
The year under review saw the completion and official opening in November 2014 of the Wolves Academy & Arena at Compton Park which includes, amongst other facilities, a full-size 3G artificial pitch with viewing gallery, dressing rooms, medical facilities and gym. The total land acquisition and build cost of the Academy was over £10m and substantially completes the Club's Training Ground development programme.
The Club retains an ongoing commitment to the recruitment, development and nurturing of talented youngsters and Academy graduates. Many have played an important part in Kenny Jackett’s team with the likes of: Carl Ikeme, Dominic Iorfa, Kortney Hause, Danny Batth, Ethan Ebanks-Landell, Matt Doherty, Jack Price and Aaron McCarey, all part of the first team set-up last season.
Dominic Iorfa and Kortney Hause both received England u20 caps, and have since secured their first England U21 caps during this campaign.
The Club's steadfast commitment towards youth development as a means of supplementing the ongoing first team recruitment efforts is underpinned by its Category 1 Academy accreditation status. Under the Premier League’s Elite Player Performance Plan (‘EPPP’) criteria as set out in July 2012 - the top rating for elite football academies - Wolves are currently one of only 23 clubs in the entire country to hold a Category 1 licence.