LATICS chief executive Jonathan Jackson is “satisfied” with the club’s financial results for the year which show a net profit of £2.6m compared with £0.8m net profit in 2013.
The club this morning revealed its figures, which come from the year ended May 31 2014, cover the season 2013-14 when Latics achieved 5th position and a play-off semi-final in the Sky Bet Championship, a first-ever UEFA Europa League campaign and another memorable FA Cup run all the way to the dramatic Wembley penalty shootout against Arsenal in the Semi-Final.
Turnover decreased to £37m compared to £56m in 2013 as an inevitable consequence of relegation from the Barclays Premier League.
Total expenses including salary costs and amortisation of player contracts decreased to £47m from £63m in the previous year. Salary costs were again the most significant expenditure and these reduced to £30m compared to the previous year cost of £44m.
Profit from the sale of players was £13m, primarily due to the sale of James McCarthy and Arouna Koné to Everton.
Chief Executive Jonathan Jackson said: “The financial results are again satisfactory following the significant impact of relegation from the Barclays Premier League. For the third year in succession, we are able to report a healthy position in respect of profitability and debt in an historic season during which the team competed in Europe, another FA Cup semi-final and a Championship Play-Off Semi-Final.
“The parachute payments received from the Premier League continue to provide protection from the huge reduction in income and enable us to comply with financial fair play regulations. Unfortunately, we fell just short of our aim to achieve promotion at the first attempt and despite a disappointing start to this season we are committed to achieving success in a fiercely competitive environment.
“Whilst the financial result was bolstered by income from player sales, it was pleasing to demonstrate that relegation does not automatically lead to financial losses if clubs are structured and operated in a prudent and sustainable manner. The continued financial support of Chairman David Whelan has allowed the club to develop long-term strategic objectives built on solid foundations.”