Chelsea announce 18.4 million pounds annual profit

English Premier League football club Chelsea FC Friday announced a profit of 18.4 million pounds, their second in three years, and a record turnover of 319.8 million pounds for the year ended June 30, 2014.

The margin was the largest since Roman Abramovich became owner of the club in 2003 and ensured that Chelsea satisfied UEFA's break-even criteria under the Financial Fair Play (FFP) regulations for the period.

The 18.4 million pounds profit follows the 1.4 million pounds generated two years ago. The turnover figure - up from 255.8m pounds - increased for the fifth consecutive year.

There was a small rise in matchday income but with Stamford Bridge filled to capacity year after year there was no scope for significant financial growth in this area. General admission ticket prices remain frozen at 2011/12 levels.

"The club is naturally pleased to record a significant profit for 2013/14. By reaching the Champions League semi-final and maintaining a challenge in the Premier League until the final week of the season we demonstrated that, while improving our financial figures, we remained competitive in football's toughest club competitions," Bruce Buck, chairman, said in a statement.

He also praised owner Abramovich for his efforts.

'We financed player purchases from sales as the squad for this current season was shaped, and our philosophy since Abramovich acquired the club in 2003 has been to build upon success on the pitch," he said.

"That is evident in the partnerships we signed and in our fanbase growth which contributed to the new record turnover figure and the profit made. We have done all of this at the same time as creating one of the world's leading football community programmes through the Chelsea Foundation."

Buck also spoke of the club's future commercial plans.

"Going forward, we have ambitious plans to build a pioneering global commercial programme, partnering with innovative and market-leading organisations from around the world. In the era of FFP, we must progress commercially to continue the circle of success to invest in the team and get results," he said.

Chelsea are currrently leading the PL standings with 29 points from 11 matches.