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Financial expert David Bick says he does not trust latest Southampton results

SOUTHAMPTON, ENGLAND - DECEMBER 20: The sunsets  during the Barclays Premier League match between Southampton and Everton at St Mary's Stadium on December
Image: Southampton revealed profits of £33.4m for the financial year ending June 30, 2014

Football financial expert David Bick says he will wait until he has seen the full set of results before fully judging Southampton's latest financial figures.

The Saints revealed profits of £33.4m for the year ending June 30, 2014, the first time they have recorded a positive balance sheet since entering administration in 2009.

However, Bick said he would like to wait and see Southampton’s fully published accounts and questioned why the club, who raised close to £100m by selling the likes of Adam Lallana, Dejan Lovren and Luke Shaw last summer, borrowed money from owner Katharina Liebherr.

Speaking to Sky Sports News HQ he said: “The first thing I have to say is that I don’t trust what I’ve seen so far.

I don’t think we can make a proper judgement until the figures are properly published. We can take another look then.
David Bick

"An edited version of the figures appeared in a local newspaper on Saturday and three days later they appear in a similar edited form on the club’s website but when I checked half an hour ago they still hadn’t been filed at Companies House. Now, in my view, that’s just not professional.

“Going on from there, they’ve announced a large cash profit so that begs the question as to why the owner has had to lend the club more money because that’s what the club has said the owner has done.

"This again I don’t understand because when the management changed at this club 18 months ago it was on a very sound financial footing.

“So my summary view at the moment is that, until we see the full accounts at Companies House, I don’t think we can make a proper judgement until they are properly published, when they are properly published, then we can come back and take another look.”

Bick said the accounts had to be filed on Tuesday and criticised some football clubs for how quickly they do publish their financial figures.

'Exemplary'

“This is another issue which I’m afraid a lot of football clubs are, in a sense, guilty of,” he said. “They have to be filed today (March 31), it’s the last day, nine months after the period that’s being reported on and, a completely separate subject, but there is an issue here about how much more quickly football clubs could publish their accounts.

“One club that does do it in exemplary fashion in terms of timing is Manchester United because they are listed on the New York Stock Exchange and have to produce figures quarterly.”

Bick had kinder words for Newcastle United, who also announced record profits of £18.7m for the year ending June 2014.

The club revealed on their website that this figure is up by almost 50 per cent from a year earlier when total profits were £9.9m and that the results signalled a fourth consecutive year of record profits.

The financial expert said the club’s increased turnover could also be attributed to their media income going up over 50 percent to around £70m which accounts for over half their turnover.

Bick said: “If you compare these numbers to the extraordinary loss numbers we saw when Mike Ashley first owned the club these are indeed a good set of numbers.

Newcastle have a very sound, solid managing director. I’d say all the way around they are doing a pretty good job at the moment.
David Bick

“Near 50 per cent increase in commercial income, Newcastle is a fabulously well supported club and you can see that in the attendances.

"They’ve swung round to an operating profit from losses so you’d have to say that club looks like it’s been run on a pretty sound basis. They’ve got a very sound, solid managing director. I’d say all the way around they are doing a pretty good job at the moment.”

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