Wembley National Stadium Limited (WNSL) submitted its financial results this month for the year to 31 December 2008 showing a significant improvement on 2007.
WNSL’s revenue in 2008 was £89.7m which after costs and expenses of £57m left profit before interest, tax and depreciation of £32.7m, an increase of £34.0m year on year.
This was driven by an increase in revenues of £24.2m, largely from greater Club Wembley seat sales and a decrease in costs of £9.8m through enhanced operating efficiencies.
After depreciation of £26.8m is taken into account, WNSL made a profit before interest and tax of £5.9m, an increase of £27.3m on the previous year.
The loss after taking interest and tax into account was £23.0m, an improvement of £13.1m year on year. The increasing profitability is in accordance with WNSL’s long-term business plan to break even within the next five years.
The improvement in operating performance continues, despite the difficult economic climate. Since March this year (2009) Wembley Stadium has staged 34 events welcoming almost two and half million customers through the turnstiles. These events have included all England’s home FIFA World Cup 2010 Qualifiers, The FA Cup Final and concerts such as U2, Take That, Oasis and Coldplay. Since opening, Wembley has welcomed almost six million people inside the stadium.
During the summer The FA moved offices from Soho Square to the stadium joining other members of The FA Group: WNSL, England 2018 and FA Learning.
This weekend sees Wembley host the NFL who are playing their third-consecutive International Series game at the stadium between the Tampa Bay Buccaneers and the New England Patriots. The match is a sell-out and will be televised around the world.
WNSL’s Chairman David Bernstein commented: “I believe that 2008 will be seen as a watershed year in our history as the stadium reclaimed its place on the world events circuit. I am confident that 2009 will further underline the status of Wembley as one of the world’s premier venues, catering to all ages and tastes.”