Tottenham have announced a profit from operations of £23m (2011: £38m) for the year ended 30 June 2012, reports the clubs official website. Total Club revenue for the year was £144m, 12% lower than the prior year (2011: £163m), which was primarily due to the absence of Champions League football.
Revenues continued to increase on the commercial front with media revenues increasing 10% and Sponsorship and Corporate Hospitality also increasing 10%.
Merchandising was 4% lower largely due to the lack of Champions League participation, but the focus on cost control ensured that operating costs were also lower, down 1% on the prior year.
The Club made an operating loss after football trading of £1.6m (2011: Profit £1.4m) and a loss for the year after interest and tax of £4.3m (2011: Profit £0.7m).
Chairman Daniel Levy commented: "We are ever ambitious for the Club, driving all areas of the business and our focus continues to be the delivery of an increased capacity stadium. There is much work to be done refining the detailed design and resolving the final development issues.
"We intend to deliver this to the same high standards of the new Training Centre and to reward our incredibly loyal supporters with a world class stadium and one that will have made a crucial contribution to the regeneration of a priority borough in London."