WBA announce half year loss

27 March 2003

WBA plc have just published the half year accounts to December 31st 2002, the first period in which they played in the Premier League, and announced a pre-tax loss of £300,000. As the table shows below, this compares to a pre-tax profit of £3.9 million for the same period last year, although that figure had been boosted primarily by the sale of Lee Hughes. This time around, there were no player sales to generate income. No dividend will be paid to shareholders this time around.

	Unaudited half year ended 31 Dec 2002	Unaudited half year ended 31 Dec 2001	Audited year ended 30 Jun 2002
Turnover	£14.8m	£6.1m	£14.3m
(Loss)/profit before tax	(£0.3m)	£3.9m	£2.6m
(Loss)/earnings per share	(175p)	2130p	1179p
Dividend per share	-	160p	160p
Average attendances	26,500	20,100	20,900
Season ticket holders	20,000	13,300	14,300

The Chairman's report adds that Club's aim is to become established within the Premiership within the next five years, and to develop the stadium to a capacity of nearly 40,000. It goes on to say that although the club has invested nearly £9 million this season on bringing players into the club, the salary structure has been constructed in such a way that it can be adjusted according to league status. The cost of player purchases this season, together with wages, will approach something like 65% of the club's turnover.

The outstanding claim over the construction of the East Stand has been settled at £0.9 million, considerably less than the £2.2 million originally demanded. The Training Ground is still being worked on, and the Club are aiming for Academy Status.

The Chairman also states that the Club will be looking to raise money over the next 12 months, either through a loan or some form of rights issue.

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