Everton has released its Annual Report for the financial period ending June 2019 recording its second highest turnover with a figure of £187.7m, reports www.fcbusiness.co.uk
The club's net debt position decreased to £9.2m from £65.7m in 2018, whilst commercial revenue from sponsorship, advertising and merchandising grew by 40.6%, reaching a record £29.1m.
After finishing eighth in the Premier League, the club received £24.9m in merit payments and also saw an increase in the total broadcast revenue to £132.7m.
Everton CEO Denise Barrett-Baxendale, said: "The set of accounts released today reflect our ambition and position as a club in the early stages of an investment programme.
"We have been aware of and planned for the impact the investment would have on our short-term profitability and this is part of a long-term sustainable business plan that demonstrates our commitment to operating in a financially sustainable manner.
"Looking forward, investment in a world-class new stadium at Bramley-Moore Dock offers us all an insight into the future of our club and underlines our ambition to take the club forward."