Norwich City announce £13.5m profit

Carrow Road
© PA Photos
Norwich City announce a first profit in three years of £13.5m thanks to a £50m increase in revenue.

Norwich City have revealed a profit for the first time in three years thanks to a £50m increase in revenue since their Premier League season in 2005.

The accounts cover the financial year up to May 31, 2012 and show that the club made a post-tax profit of £13.5m.

Canaries chairman Alan Bowkett said that the Norfolk club was planning for another year in the Premier League.

"We are very pleased with these sets of results because it is just another step for us to take to achieve our objective to become a self-sustaining, established Premier League club," he told the Eastern Daily Press.

"Once we have paid off all our debt, we run our football club as a mutual co-operative, all excess cash then, which used to pay down debt, can go into our football budget."

Norwich, who have yet to win a Premier League game this term and find themselves in the bottom three, welcome Arsenal to East Anglia this evening.

Paul Lambert
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