Despite this Villa showed a healthy £7.3m profit before player trading was taken into account but an ‘exceptionally high’ £5.6m loss on the disposal of players coupled with a £12.2m reduction in the playing assets wiped out the gain.
Turnover was £55.9m, an increase of 23.1% compared to last year’s figure of £45.4m. The increase was made up of a number of factors but the ‘most significant item was the increase in the merit award payment’ due to the Midland’s club’s successful sixth position finish, a club statement said. This was £8.2m compared to £2.5m in 2002/3.
‘This demonstrates the importance of finishing the season in a good league position,’ the statement added.
Operating costs, including salaries, rose by 3.1%, however Villa managed to reduce the size of its wage bill from 71.1% in 2003 to 60.5% of its turnover.
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