Southampton announce profit figures

Southampton have announced a pre-tax profit of £3.3m (€5.2m) for the last financial year.

In the year the Premiership club moved from The Dell to the St Mary’s Stadium, Saints’ turnover increased from £29.1m (€45.9m) to £38.5m (€60.7m) and profit excluding player trading from £1.2m (€1.89m) to £4.7m (€7.4m).

Chairman Rupert Lowe was delighted with the figures and believes the club are making good progress despite player wages still being too high.

He said in a statement to shareholders: “I am delighted to report to you that your company is able to announce a profit before taxation of £3.3m for the full year ended May 2002.

“We have managed to reduce the player and coaches wages to 48% of football-related turnover despite a 17% increase in the wage bill over the year as a result of our increased turnover.

“Like many clubs our wages are too high but there are now encouraging signs that the worst excesses of the recent bubble are behind us.

“This will allow clubs of our size to more effectively manage wage increases without being too exposed to the danger of losing their best players.”