No.

But I'll C+P it for you...

TODAY NCFC release their accounts for the financial year, which ended on May 31, 2010.

Key points of note:

- Board has undertaken a financial restructuring with lenders AXA and Lloyds Banking Group which extends the repayment schedule to 2022

- The recent sale of land adjacent to Carrow Road was important part of financial restructuring, raising ?2.1m (Matchday Orange Car Park only)

- Net indebtedness was reduced to ?20.9m (?22.9m 2009)

- Revenue was down to ?17.0m (?18.2m 2009) largely due to reduced Football League income in League One

- Normalised operating loss was reduced to ?1.2m (?4.1m in 2009)

- Stripping out exceptional costs, the Club's operating performance was very strong considering League One status

- Board confirms that as far as operating in the transfer market is concerned, NCFC remains a buying club

Key actions taken in the business within the last 18 months include:

- Refinancing of the balance sheet
- Everybody in the business focusing on football
- Complete company re-organisation
- Stripping out of all unnecessary costs
- Improved commercial operations across the business
- Completed full review of our suppliers

?m
2010* ?m
2010 ?m
2009
Revenue 17.0 17.0 18.2
Trading cost of Sales
(11.8) (12.3) (13.0)
Football expenditure
(7.7) (9.8) (10.5)
Operating Loss (1.2) (4.2) (4.1)
Interest (1.6) (1.6) (1.6)
Tax - - 0.6
Loss after tax (3.1) (5.8) (5.0)
EBITDA 1.2 (1.4) (0.8)
Net Debt 20.9 20.9 22.9

* Excluding exceptional costs

The Club is pleased to report that we are halfway through 2010-11 and we expect to produce the following results by next year-end:

? Revenue to increase by at least ?5m

? Biggest operating profit since 2007, when the Club received parachute payments from the Premier League

? Net debt to reduce by at least a further ?1m

City Chairman Alan Bowkett said: "It has been a year of positive progress on and off the pitch thanks to some very hard work by all concerned.

"The numbers show a club in transition but we are now showing positive results on an operating level for the first time since 2007.

"The long-term future of the Club is now much more secure thanks to the refinancing of our debts to 2022 and we are forecasting increased revenue and improved profit before tax in the next financial year.

"It is very much an on-going challenge and the hard work from everyone at the Club will certainly continue in the months and years ahead.

"Our football management team and the players have set the benchmark on the pitch as to what is expected of all colleagues at Norwich City Football Club. We aspire to replicating their success off the pitch."

All NCFC shareholders will receive their printed copy of the annual accounts through the post later in December. In the meantime shareholders and all supporters can view a full copy of the accounts in PDF format by clicking here.

Meanwhile the annual general meeting was today adjourned until January 18, 2011.

Posted By: Garry Brooke on November 30th 2010 at 18:20:50

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