Newcastle United have released full details of their financial results for the 2023/24.
As always, the latest accounts are based on the previous financial year, and they are largely positive, displaying financial growth in a number of departments that should hopefully bode well for the summer transfer window.
Before we get to Darren Eales’ statement, here are some of the main takeaways from the accounts:
- Revenue is up 28% to £320.3m (an increase from £250.3m)
- ^ £30m of that £70m revenue increase from Champions League football ^
- Losses are down to £11.1m after tax (down from a loss of £71.8m)
- Wages-to-turnover ratio is now 68.3% (down from 74%)
- Commercial income up to £83.6m (an increase from £43.9m)
- Matchday income up to £50.1m (an increase from £37.9m)
(Read Newcastle’s accounts in full here from 2023/24)
Darren Eales’ statement
Reacting to the results from the 2023/24 financial year, Darren Eales has offered an overview of our recent progress off the pitch, discussing the upside of our return to the Champions League last season and our revenue growth.
Speaking to the club’s official website, Eales said:
“We are committed to sustainable success and we have started 2025 in a strong position.
“Our progress has been supported by diligent work on and off the pitch. Returning to the Champions League for the first time in more than 20 years was hugely memorable for everyone connected with the club, and it has clear upside financially as we continue to grow.
“We grew our revenues by 28% in the twelve months to 30 June 2024, with an increase in matchday revenue as well as significantly improved sponsorship deals and a sharper focus on everything we are doing across the club.
“We continue to make significant strides with our commercial deals and matchday offerings as we strengthen the foundations of the long-term project here at Newcastle United.”
Other findings from 2023/24 accounts
As you can see via the table below, the latest accounts also highlight the following:
- Wages are up to £219m (an increase of 17%)
- Underlying losses come to £69m (an increase of 5%)
- Player sale profits came to £70m
- Player purchases came to £206m
- Player sales came to £91m
- Player amortisation up to £97m
- Total cost of squad sits at £605m
The club also confirms an ongoing legal dispute with Mike Ashley’s Fraser group.
Overall, a very positive update which shows progress off the field. After three quiet transfer windows that has allowed areas of the squad to go stale, hopefully we have a big summer in store.
