Burnley are predicting an “extremely bright” future after announcing a net profit of £4.3million for the financial year ending June 2019.
The 2018-19 campaign was a third successive season in which the Clarets recorded a profit, after tax, although the figure was down significantly from the record £36.6m from 2017-18.
That was due largely to a higher net spend on new players of approximately £20m compared to the previous year, where profitability was boosted considerably by the sales of Andre Gray and Michael Keane, the club said in a statement.
Turnover was down by just over £1m to £137.8m, partly due to a drop in money earned resulting from finishing 15th in the Premier League last term, 12 months on from coming seventh. The wage bill grew from £82m to £87m.
Chairman Mike Garlick said: “In the second half of the season we also invested heavily in our recruitment and scouting set-up, more than tripling the number of full-time staff.
“We are confident that this increased investment will slowly but surely develop our ability to identify and sign players that can improve our first-team squad, while at the same time helping to maintain our financial sustainability as a club for generations to come.”
Burnley were 10th in the table at the point the 2019-20 season was suspended due to the coronavirus pandemic.
Garlick added: “The future is extremely bright for all of us, although in the short term we know we all face unique challenges brought about by the coronavirus pandemic.
“Issuing the club accounts is a legal requirement but our immediate thoughts are with those dealing with the effects of the current ongoing situation.
“We are working closely with the Premier League and the relevant authorities regarding footballing matters, while off the field making sure the club continues to operate effectively and all staff, family and fans stay as safe and healthy and well supported as possible.
“We also urge you to follow all Government guidelines in trying to restrict the spread of the virus and by doing so look forward to the day when we can all meet again at Turf Moor and celebrate playing football in a safe environment.”
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