Increased turnover, bigger wages - Sheffield Wednesday release accounts for 2022/23

Wednesday released their latest accounts on Monday afternoon, and there are reasons to be pleased for Wednesdayites who have delved into them.

Last year’s accounts showed that wages had almost halved from the year before, which was expected given that they were the first that take into account their season in League One, with a host of players on big wages leaving completely and those that stuck around having theirs decreased via relegation clauses.

Wages did increase in 22/23 as the Owls pushed – and succeeded – to win promotion, going from £10.9m last time to just over £14m, however it’s still substantially less than the £21.1m they were paying out – without social security and pension costs – in 2021.

Meanwhile, player registrations amortisation - a process of gradually writing off the initial cost of a player over the course of their contract – in the operating loss section fell from £750,000 to £432,000. Some way off the £4.7m that it was previously.

There was more good news elsewhere in the document as it was revealed that turnover had increased once again from £16.3m in 2022 to £19.3m in 2023, with ‘match receipts and associated’ counting for over £10.5m of that total amount.

Wednesday did still make a loss, as is the case with so many football clubs around the world, but the size of that loss decreased once more from £7.3m to £6.5m – a long way away from the £25.8m of 2021.

The review of business in the accounts read, “Turnover increased by £3m to £19.3m (£16.3m in 2022) primarily due to increased attendances, advancing to the FA Cup fourth round despite our first home game of the 22/23 season being played within the previous financial year 21/22, as well as increased retail and matchday catering sales. The average league attendance for the 22/23 season was 25,380 as compared with 22,469 for 21/22 season, an increase of 13%. The first team finished third in EFL League One as compared to fourth the previous season and achieved promotion back to the Championship in the Play-Off Final at Wembley, watched by over 43,500 Owls supporters.

“The season had a number of highlights with the longest unbeaten league run in SWFC history at 23 games, most away wins in a season at 12, most clean sheets at 24 and the most number of points at 96 in a season.

“The results for the financial year showed a loss after tax of £6,539,000 compared to a loss of £7,348,000 in 21/22. Net Liabilities increased by £6,539,000 during the year to £72,078,000 (£65,539,000) in 21/22. The increase in Net Liabilities is attributable to a reduction in debtors as well as a reduction of creditors.”