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.