Norwich City release annual accounts

Norwich City have released their accounts for the financial year, which ended on May 31, 2011.

The accounts presented relate to a Championship football season, with only the performance-related costs of promotion to the Barclays Premier League impacting the numbers.

Revenue increased to �23.1m (�17m in 2010 and �18.3m in 2009 - the last Championship year) due to an improved commercial performance across all areas of the business.

The club made a normalised operating profit of �0.5m (a loss of �1.7m in 2010 and a loss of �4.3m in 2009).

Net indebtedness reduced to �16.8m (�20.9m 2010) partly due to the sale of the matchday orange car park.

The Norwich City board confirmed that as far as operating in the transfer market is concerned, Norwich City remains a buying club.

Key actions taken in the business within the last 12 months include:

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• Refinancing of the balance sheet

• Disposal of non-core property assets

• Significant reduction of net debt

• New equity investment to help strengthen squad and improve chance of promotion

• Significantly improved commercial performance of all areas of the business

• Achieved promotion to the Premier League

• Retained football management team and back room staff for 2011/12 season

• Recruited eight new players in to the squad for the 2011/12 season

• Successfully completed stadium upgrades required to meet Premier League regulations

Norwich City also reported the following target results for next year-end:

• Revenue to increase by at least �40m

• Significantly increased operating profits but cash to be neutral due to the need for debt repayments and investment in assets

• Net debt to reduce by at least a further �6m

Norwich City Chairman Alan Bowkett commented: 'While everyone is aware of the outstanding football performance last year, I am pleased to report this improvement has continued off the field of play. Revenues and normalised operating profit are up while net debt is down. This trend will accelerate this year.'

• A full set of annual accounts are due to be posted to Norwich City Shareholders next week. The Club's AGM will be held on Tuesday, November 22.