Norwich revenues on the rise

PA Sport

Norwich have announced a £6.1million revenue increase in the financial year up until last May.

The Canaries' improved commercial performance across the business saw revenue rise from £17million in 2010 to £23.1million this year. The recently-promoted Barclays Premier League club also netted a £500,000 operating profit compared to a £1.7million loss in 2010 and £4.3million deficit the previous year.

"While everyone is aware of the outstanding football performance last year, I am pleased to report this improvement has continued off the field of play," Norwich chairman Alan Bowkett told the club's official website.

"Revenues and normalised operating profit are up while net debt is down. This trend will accelerate this year."

The sale of the matchday orange car park has helped reduce Norwich's debt from £20.9million to £16.8million, which they expect to decrease even further by the next year-end.

Norwich's promotion from the Championship is expected to result in net debt reducing by at least £6million and revenue increasing to at least £40million.

Club shareholders will receive a full set of annual accounts next week and the Canaries' AGM be held on November 22.

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