Everton announce record turnover

Everton have revealed a record turnover of £75.7m and a slight pre-tax profit in their latest financial results.

Revenue for the financial year ending 31 May 2008 increased by 47% compared to the previous 12-month period.

A profit of £6.8m compares to a loss of £500,000 the year before, but transfers reduced pre-tax profits to £260,000, although last year £9.4m was lost.

"We have benefited from what I'd call sensible, careful fiscal management," chairman Bill Kenwright said.

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The chairman has been criticised for not providing sufficient funds for manager David Moyes but said: "It was a period which was, in pure financial terms, hugely challenging."

He insisted that money had been spent, adding: "Our determination to ensure that our first-team squad is constantly upgraded has had an effect on the club's balance sheet."