WBA announce results and AGM

24 October 2002

Paul Thompson's final legacy to West Bromwich Albion became clear today when the accounts for the year ending 30th June 2002 were announced. With clubs talking of going into receivership and liquidation all around, Albion's balance sheet has gone from strength to strength with the club posting pre-tax profits of £2.6 million on a turnover of £14.3 million, up from last year's figures of £1.7 million and £8.5 million respectively. Boosted by success on the pitch, average attendances rose by 20% during the year, and the knock-on effect was a 40% rise in season ticket sales, capped only by limitations on the capacity at the Hawthorns.

Since the year end, Albion have been making use of their Premiership income by spending a total of £8.1 million on six players, but the Club were quick to point out that serious thought needs to be applied to the future. Chief Executive Mike O'Leary explained:

"We have been careful to try to ensure that this investment has been contained within limits that protect our long-term future. Prudence in recent years has served us well and will be continued as a core policy."

The club are making a number of key appointments as they attempt to improve the day to day running and planning of their operations. Mark Jenkins will join the Board in the near future as Finance Director, and recruitment is under way for senior positions in Marketing and Event Management.

In his opening comments, Chairman Jeremy Peace said:

"This year has been a very successful year for the club. For the first time in our history we have gained promotion to the Premier League and enjoyed our most successful FA Cup run in twelve years. This was achieved through the sheer hard work and application of our players under the direction of our team manager Gary Megson and his coaching staff and I would like to pay tribute to them all for their efforts over the year."

"Looking forward it is important that we consolidate our position in the Premier League. Since my appointment as Chairman of the club, I have taken several steps to achieve this aim. Gary Megson has signed a new and improved three year contract and both the playing squad and the Board have been strengthened. We are implementing a series of improvements to our operations to ensure we are able to maximise our income whilst controlling our costs. I look forward to the future with confidence."

Shareholders will receive their copies of the full accounts in due course, with the Club's AGM taking place on November 21st.

Previous Stories:

  17 October 2002:  Bon Bons are Back

  17 October 2002:  Arise Lord Megson!

  15 October 2002:  Megson's campaign

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