RECAP: Norwich City’s AGM
- Credit: Copyright: Archant 2018
Norwich City held their annual meeting at Carrow Road on Thursday night - and we had the headlines.
City's board along with sporting director Stuart Webber, chief operating officer Ben Kensell and head coach Daniel Farke will be on hand as the accounts for the year ending June 2018 are formally presented to shareholders.
The Canaries resume Championship action after the international break top of the table, ahead of the weekend trip to Swansea City. But the scale of the financial challenge facing the club will again be underlined to shareholders, with income down to £63.7m in the latest set of accounts as a result of a lower second and final parachute payment.
City will report an operating profit, and a profit after tax of £14.6m, driven by player trading and cost reductions. However, the club have already indicated they anticipate a negative cash position by the end of this calendar year following the end of parachute payments, corporation and VAT commitments due in the first quarter of 2018/19 and further player recruitment since June 2018.
• Follow tweets from Paddy Davitt and Michael Bailey, who will be at Carrow Road, in the window above. After the conclusion of the meeting there will be full reaction from key figures.