Fulham announce profit

Fulham today announced a profit of £500,000 (€720,000) for the year to June 30, 2004.

The Cottagers made a loss of £20.8m (€30m) in the previous financial year and the turnaround is largely due to the £12.8million transfer of Louis Saha to Manchester United.

Turnover has increased by 22% to £42.2m (€61m) as a result of higher television revenue and last season’s surprise ninth-place finish, which gave them a better-than-expected share of Premiership prize money.

It is the first time Fulham have recorded a profit since Harrods owner Mohamed Al Fayed bought the club in 1997.

The outlook may not be quite as good as the modest profit suggests, with the Saha transfer now accounted for and a far less impressive league position expected at the end of this season.

However, Al Fayed was in upbeat mood after announcing the results.

He told the club’s official, website www.fulhamfc.com: “Our third season in the FA Premier League began with much press speculation regarding Chris Coleman’s first full season in charge, and we were tipped as one of the favourites for relegation.

“However, we started in the top half of the table and that is where we ended it, finishing in ninth place and thus securing the club’s highest-ever league position in history.

“We also progressed to an FA Cup quarter-final, being narrowly defeated by Manchester United at Old Trafford. Overall the club posted a profit of £500,000 (€720,000) for the season 2003-04, the first profit since I acquired the club in 1997.

“Whilst this is encouraging there is still much to do. This was our second and final season ground sharing at Loftus Road and the location was not ideal for our supporters, which was reflected in disappointing attendances.

“The decision was made in late 2003 to return to Craven Cottage for the 2004-05 season and work began in January 2004. A significant investment of over £8m (€11.5m) was needed to complete the refurbishment.

“Financial stability has always been my aim and it is encouraging that the financial results have shown a significant improvement. We have reduced costs but are also steadily increasing revenues helped by the increased capacity and enhanced facilities at Craven Cottage and which I will continue to develop.

“I kept my promise to the fans and the supporters and made it possible for us to return to the Cottage at a huge cost.

“I will continue to invest to make the stadium one to be proud of; however, it is now that the commitment and solid support of the fans is even more vital to help the club continue this success, by demonstrating their loyalty and filling the stadium to capacity at all games throughout the season.”