West Ham United plc is pleased to announce its results
for the year ended 31 May 2006.
Highlights include the following:
• Turnover of £60.1m (2004-05 - £31.8m)
• Operating profit before player trading of £13.4m
(2004-05 - £1.9m operating loss)
• Pre-tax profit of £6.0m (2004-05 - £5.1m loss)
• Net assets of £39.8m (2004-05 - £35.9m)
• Net bank borrowings of £22.5m (2004-05 - £29.4m)
In his Chairman's Statement, Terence Brown comments:
"The year saw us finish in ninth place in the FA Premier
League, successfully completing our 40th season in the top flight
of English football during the 48 seasons since 1958-59. Only five
clubs have a better record.
"Our ninth place finish also represented our fifth top 10
finish in the last nine seasons, an impressive feat considering two
of those seasons were spent in the Coca-Cola Championship. To put
that performance into perspective, shareholders should note that
the club finished in the top half of the top division of English
football in only 11 of the previous 72 seasons.
"During the season the team achieved positive results in 23 of
our 38 League games. We also reached the FA Cup final, for only the
fifth time in our history, narrowly losing on penalties against
Liverpool in what was generally regarded as one of the finest cup
finals seen for many years.
"Sadly, 2006 saw the loss of Ron Greenwood and John Lyall, two
great servants who did so much over a period of 28 years to
establish the club's reputation for playing open, honest and
attractive football.
"All our coaching staff worked extremely hard to ensure the
club was able to take full advantage of the promotion gained in
2005 and I would like to thank our football management team, ably
led by Alan Pardew and Peter Grant, for the excellent progress we
have made over the last three years since Alan Pardew's
appointment on 10 October 2003.
"Although Nigel Reo Coker was not to be the youngest captain
since Bobby Moore to lift the FA Cup, our team played extremely
well and earned the respect of all those who witnessed the match.
People across the globe watched West Ham United take the game to
the European champions: a fitting tribute to the memories of Ron
Greenwood and John Lyall.
"One year earlier we finished sixth in the Coca Cola
Championship, 21 points behind Sunderland, and few supporters would
have predicted what lay ahead. Alan Pardew led us to victory
in the play off final in Cardiff but the initial euphoria of that
occasion and our return to the Premiership after a two year absence
was tinged with some caution in the knowledge that so many of the
clubs promoted to the Premier League in recent seasons have
struggled to bridge the gap between the two leagues and have
returned to the Championship after just one season in the top
flight.
"However, the financial prudence shown by the club during
those two seasons in the Championship enabled us to make a major
investment in the playing squad during the summer and again in the
January transfer window. Most importantly, the manager has invested
our funds shrewdly, strengthening the squad in key positions and
moulding a young and exciting team which has signalled West Ham
United's return to the Premiership with a bold and exuberant
brand of football, faithful to the club's great traditions.
"I commented in last year's Chairman's Statement that
we returned to the Premier League in far better financial shape
than when we left and with greatly reduced debts. I also commented
on the good financial shape in which we found ourselves and, as is
clearly apparent from our year end accounts, we have been able to
build on the financial strength which resulted from our promotion
back into the Premier League.
"Finally, and most importantly, may I thank every one of our
supporters who continue to provide such magnificent backing for the
club despite the set back of relegation and the struggle to return
to the Premier League. As I have said in the past, I know we
sometimes test your patience and I apologise for that but
collectively we do have a great institution of which we can be
justifiably proud."
The company's annual report, including the full version
of the Chairman's Statement, will be distributed to
shareholders today and a full copy of the report will be available
on the official website early next week.
This announcement has been approved by Hawkpoint Partners
Limited ("Hawkpoint") for the purposes of section 21 of
the Financial Services And Markets Act 2000. Hawkpoint, which is
authorised and regulated in the United Kingdom by the Financial
Services Authority, is acting as financial adviser to West Ham
United plc and will not be responsible to anyone other than West
Ham United plc for providing the protections afforded to clients of
Hawkpoint nor for providing advice in relation to the contents of
this announcement or any matters referred to in this announcement.