Burnley announce break-even net profit for financial year, amid COVID-19 pandemic
Burnley have revealed they broke even in their latest club accounts up to July 31st, 2020.
In a year affected by the coronavirus pandemic, the club saw its profit before tax decline from £5m to break-even, after the Premier League season was suspended for three months, before resuming with Project Restart on June 17th.
With the season completed without any fans in the stadium there were also wider financial impacts, including a significant broadcaster rebate, and additional multi-million-pound costs within the extended financial year.
However, the club secured Premier League football for a fifth successive year, after finishing 10th - a second top-10 finish in three seasons.
Turnover for the financial year decreased slightly from £138m to £134m, largely due to an £8.5m broadcaster rebate.
The delayed Premier League season resulted in the financial period extending a 13th month into July, which added an extra £9m of costs to the top line.
Wages again grew from £87m to £94m, adjusted for a 12-month comparison period, partially due to the increased bonus paid to players for the higher Premier League finish.
The wage to turnover ratio increased from 62.8% to 70.2%.
Overall, the loss of income associated with the COVID-19 pandemic amounted to roughly £10.5m.