Fulham reports profits

The Premier League club turned a £20.8m after tax loss for the 12 months ending 30 June 2003 into a £500,000 retained profit in the following 12 months. The 2003/4 season was the first since Harrods department store owner Mohamed Al Fayed bought the club in 1997 that it had not been in the red. Manchester United bought French international Saha for £12.8m in January 2004. "Whilst this is encouraging there is still much to do," Al Fayed said in a statement on the club's website. At the operating level turnover increased during the 2003/04 season by 22% to £42.2m, while expenses were pushed down by 14%. The improvement in turnover was mainly attributable to a rise of 24% in broadcasting revenue to reach £27.16m. Commercial income was down by 4% at £4.3m while match-day revenue was up by 6% to £7.6m. "Financial stability has always been my aim and it is encouraging that the financial results have shown a significant improvement," Al Fayed added.

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