Canaries annual accounts for 2023/24 released
Norwich City’s annual accounts for the 2023/24 campaign have revealed a £14.4m pre-tax loss and display the levels of funding Mark Attanasio’s group have offered the club.
The Canaries officially published their annual report on Friday morning with the numbers presenting the realities of the club’s financial position outside of the top flight and in the final campaign of parachute payments following relegation from the Premier League in 2022.
It represents a further shift in funding, with Attanasio’s group increasing their financial input into the club to help retain a sound footing amid another year of Championship football.
City reported a £2.5m drop in revenue compared to the 2022/23 report, from £75.6m to £73.1m. The drop was aided in part by a prolonged FA Cup run that included a televised fourth-round tie against Liverpool, as well as growth in ticketing, sponsorship, and advertising income.
However, that further decrease speaks to spending another campaign in the second tier post-relegation and the process of beginning to prepare for life post-parachute payments, which ended at the conclusion of this report.
Attanasio-led Norfolk FB Holdings provided the club with its key source of funding, with loans totalling £58.6m as of 30 June 2024. Recent shareholder letters also revealed a further £8m in cashflow funding post-year-end, some of which contributed to their summer transfer window.
Excluding player trading, Norwich’s operating loss and profit was down from a loss of 1.5m in the previous financial year to 0.6m.
The club have produced cash flow forecasts through to the end of the 2025/26 campaign based on City remaining in the Championship. That acknowledges the need for further player trading and external investment as they work towards on-pitch improvement.
City generated £13.4m in profit from player sales – namely from the departures of academy prospects Max Aarons, who joined Bournemouth, Andrew Omobamidele who was sold on deadline day to Nottingham Forest and Milot Rashica, who joined Besiktas. That sum enabled the club to reduce their operating loss to £7m.
The sales of Gabriel Sara, Abu Kamara, Adam Idah, Christos Tzolis and Jonathan Rowe are not included in this year’s accounts.
