Nottingham Forest have posted an operating loss of £34.3m for the 2018/19, reduced to a loss before tax of £25.1m after tax.
Turnover was up 11% from £22.7m to £25.3m, although administrative expenses increased 39% from £37m to £51.4m. Playing staff increased from 65 to 74, reflected in the growth in wages and salaries from £24.8m to £31.5m.
The accounts stated: ‘At ninth, the team achieved its highest place finish in the league since the 2012/13 season. Season ticket sales and average home matchday attendances continued to grow, achieving a modern-day record.
‘Other club-generated commercial revenues increased by 30% including the club’s biggest-ever official kit and training wear partner agreement with Macron, and most significant front-of-shirt agreement in the club’s history with BetBright.’
The rolling three-year rules allow losses of up to £39 million, with a previous loss of £5.6m (2018) and a profit of £32.1m (2017) keeping the club well under the limit in this cycle.
The accounts continue: ‘The board views remaining within the discipline of the EFL’s Profitability and Sustainability Rules to be a high priority and has shown that it has the discipline to take tough decisions regarding player sales in order to ensure compliance notwithstanding substantial investment in the playing squad.
‘The level of losses sustained by the club are within those provided for by the rules and the club will control losses in future years in order to ensure continuing compliance with the rules.’