Sport

Magpies revenue down

12 April 2012

Newcastle have announced a loss in revenue for the 11-month period up to June 30 this year.

The revenue of £83.1million was down from £87million from 2005, largely due to the club not playing the UEFA Cup last season. However, following Graeme Souness' dismissal as boss, Glenn Roeder led the Magpies back into Europe's second-tier competition for the current campaign.

"This year has been a period of the transition for the club," Newcastle chairman Freddy Shepherd said in a statement to the Stock Exchange. "The team performances in the first half of the season fell significantly below our level of expectations."

He added: "However, following the board's decision to make changes at management level, the first team had an excellent run in the second half of the season, finishing a satisfactory seventh place in the Premiership and qualifying for the UEFA Cup through the Intertoto Cup."

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