WH Holding Ltd has today announced its financial results for the year ending 31 May 2022.
Across the 2021/22 season, the Club reports a net profit before tax of £12.3million, a notable improvement of £39.2m from the loss of £26.9m in 2020/21.
This profit was driven by a successful 2021/22 campaign on the pitch, as David Moyes’s team finished seventh in the Premier League, securing back-to-back European qualification for the first time in the Club's 127-year history, and reached the semi-finals of the UEFA Europa League.
In addition, the acquisition of a new investor – 1890s a.s holdings, led by Daniel Křetínský, who the Club were pleased to welcome as Joint-Chairman in November 2021, alongside David Sullivan and David Gold – added further strength and expertise to the Club’s capital structure and enabled funds generated through the continued growth in income across all core revenue streams to be directed into key areas of focus, building on the positive progress made at West Ham United in recent years.
Turnover was £252.7m, up £60.0m on last year, driven by improved matchday, commercial and retail income thanks to the return of our incredible supporters following the COVID-19 pandemic year, a year that demonstrated football simply is nothing without fans, as well as the Club’s memorable run to the Europa League semi-final. The Club’s net debt, including cash, fell by £130.0m, leaving it in a robust and healthy position with net assets of £40.9m, including cash of £96.5m at year end.
The Club's shareholders take no dividend or salary and therefore the injection of £125.0m of new equity into the Club, utilised to pay down debt, has enabled a higher profit which will continue be re-invested into the Club. That new investment has since supported the substantial changes to the playing squad in the 2022 summer transfer window, which included the Club record signing of Brazil international star Lucas Paquetá and several more established international players joining the Hammers ahead of a second successive season in European competition.
Joint-Chairman and largest shareholder David Sullivan said: “It remains a privilege and honour to be custodians of this great football club.
“The 2021/22 season is widely regarded as one of the most successful in West Ham United’s 127-year history, as we secured a second consecutive top-seven finish in the highest division of English football for the first time ever and reached the semi-finals of a major European competition.
“The fact that we were able to enjoy the experience with our loyal supporters back at London Stadium and following the team across land and sea, after the difficulties of the COVID-19 pandemic, was a source of great pride and satisfaction.
“It is testament to the hard work of our players, management and staff, and the loyalty and dedication of our supporters, that we have been able to make such positive progress in recent seasons. That progress was important in helping us to attract major new investment last year, and I am proud that the football club is now in a healthy position – particularly considering the global difficulties caused by the pandemic.
“The financial performance in 2021/22 also enabled significant investment across all of our squads but, particularly, the men’s first team playing squad, as part of our long-term strategy to ensure that West Ham United continue to be one of the leading clubs in the Premier League, on and off the pitch.”
Click here to view the full financial results for year ending 31 May 2022.