WH Holding Ltd has announced its financial results for the year ending 31 May 2021.
The Club reports a net loss before tax of £26.9m, a decrease of £38.4m from the loss of £65.3m in 2019-20.
This loss was driven by lower match and commercial income due to almost all the games in the 2020/21 season being played without fans in attendance for the whole season as a result of the COVID-19 pandemic, offset by the recognition of income deferred from 2019/20, due to Project Restart.
Turnover was £192.7m, up £53.2m on last year, driven by broadcast income up £80.6m due to the deferred 2019/20 Project Restart income, improved merit place income from the sixth-place finish in the 2020/21 Premier League campaign, and increased live match income.
This offset the reduced match and corporate income as a result of fixtures being played without supporters present, down a combined £28.5m on 2019/20.
In terms of player cash investment, the Club spent £79.5m on the first-team squad during the year.
The Club’s net debt, including cash, has fallen by £15.8m. Short-term debt has also been replaced by a long-term loan facility in the form of a five-year agreement with MSD which provides the ability to access up to £120m if required.
The shareholders also injected £30m of new equity into the Club in July 2020, while there has been heightened levels of support for the local areas due to impact of the COVID-19 pandemic - all part of the Club’s £28m pledge via the Players’ Project.
Joint-Chairman and majority shareholder David Sullivan said: “The 2020/21 season was another unique and challenging year for West Ham United – as it was across football – but we can again be extremely proud of the way everyone here has come together to ensure the Club has continued to make excellent progress on and off the pitch.
“I would also like to thank our loyal and passionate supporters who, despite not being able to attend the vast majority of matches last season, gave the Club such magnificent support from afar, and were rewarded by being able to return for the final game of the 2020/21 campaign to watch us secure a sixth-place finish and qualification for the UEFA Europa League.
“Since then, we have been delighted to see the return of full stadiums on a regular basis and, with the recent investment into the Club helping to strengthen the long-term stability of West Ham United, we have much reason to be positive and confident about further progress in the right direction.”