Brentford FC has today published the annual results for the year ended 30 June 2021.
These accounts show turnover increasing to a record high of £15.3m (2020: £13.9m).
This has been driven by increases across EFL and FA revenues, other football revenues (including monies from live TV coverage) and commercial income. It is also despite a sharp reduction in ticketing income due to matches being played behind closed doors or in front of a significantly reduced capacity as a result of the pandemic.
The estimated negative financial impact of Covid-19 on the 2020/21 season is approximately £2.8m (2020: £1.0m). This figure is a net figure and primarily comprises lost matchday revenue, offset by a reduction in matchday operating costs and grant income.
The financial statements for the year under review show a group operating loss, before player trading, of £53.1m (2020: loss of £34.1m). The current year's loss arises following a season where virtually no matchday income was generated due to Covid restrictions preventing supporter attendance at the vast majority of games.
The current year's loss also includes one-off bonuses paid out to players and staff following our successful promotion to the Premier League in May 2021.
Our player trading drove a significant profit on the disposal of player registrations of £44.3m (2020: profit of £24.9m). The principal contributors to this were the sale of Ollie Watkins to Aston Villa and the sale of Said Benrahma to West Ham United. These two transfers continue to provide evidence of the strong work done by the club to recruit and develop talent.
The knock-on impact of this was that the loss before taxation was £8.5m (2020: loss of £9.1m) - a significant reduction on the operating loss. This loss before taxation would have been a profit of approximately £3.5m were it not for promotion-related payments totalling £12.0m.
Matthew Benham's total investment in the group on 30 June 2021, comprised of equity and loans, stood at £104.1m (2020: £103.0m). This sum includes £22.4m (2020: £21.3m) of secured loans specifically in relation to the Brentford Community Stadium project.
Cliff Crown, Brentford FC chair, said: “The 2020/21 season was a momentous one for Brentford FC, on and off the field with the Club realising its ambition of promotion to the Premier League.
“I would like to take this opportunity to thank Matthew Benham for his unwavering commitment to the Club and congratulate Thomas Frank, Brian Riemer, the players and all the club staff, both on and off field, my fellow board directors and everyone who has contributed to the best season the club has experienced in the last 75 years.
“Our fans also deserve a special mention. Their support made a huge difference on and off the park and we will continue to do our very best to make them proud. On behalf of the club, I want to thank each and every one of them.
“It has never been more self-evident that our togetherness and determination to achieve our goals was the key factor in our success.”