Magpies profits drop

Newcastle today announced a drop in profits of £7.4m (€11.1m) as a result of missing out on Champions League football this season.

In the club’s latest interim figures for the half-year ending on January 31, total operating profit fell from £12m (€18m) to £4.6m (€6.9m). Operating profit before player amortisation and trading was £11.1m (€16.6m), £9m (€13.5m) down on the same point last year.

Television revenue was also significantly reduced, from £21.5m (€32.2m) to £14.1m (€21.2m), following United’s exit from the Champions League at the hands of Partizan Belgrade in a disastrous qualifier last August.

However, the club’s progression in the UEFA Cup – they take a 4-1 lead into tonight’s fourth round, second leg clash with Real Mallorca in Palma – has taken some of the sting out of that both on and off the pitch.

Newcastle plc chairman Freddy Shepherd said: “We have today announced strong financial results which, despite non-participation in this year’s UEFA Champions League, demonstrate the significant progress that has been achieved both on and off the pitch in recent years.

“Our aim is to continue to compete at the highest levels in all competitions, and to deliver success for the fantastic support the club receives.”