Watford accounts 'back in the black'
Watford Leisure PLC, the parent company behind the wild child that is Watford Football Club, completed its journey back from the brink of administration yesterday when it announced full year pre-tax profits of £8m.
And the VitalWatford boys couldn`t be happier about it.
Backed by heavy £18.1m increase in TV and media revenue, a 43% increase in ticket sales and corporate hospitality sales and £1m haul from merchandise sales, all thanks to the Premiership big boys rolling into town, Watford Leisure posted a record £29.9m turnover (Jul 1 2006 - Jun 30 2007) in their end year annual report.
These figures mark a significant advance in chairman Graham Simpson`s reign after 4 years of heavy losses (£5.8m deficit in 2005-2006), cost cutting and penny pinching to keep the debts down.
And the Hornets have already flexed their financial muscles in the Championship with the club record signing of Nathan Ellington, a £1.75m spending spree on flying winger Jobi McAnuff and still plan to invest in stadium development at Fortress Vicarage.
In his Chairman`s statement to the London Stock Exchange, Graham Simpson noted "The financial results in 2006/07 includes the benefits of promotion and reflects the growing value of our developing squad.'