The Football Association of Wales is pleased to announce record turnover of £36.2m for the year ending June 2023.
This represents an increase of 22% on the previous high, which was recorded in financial year 2021. Gross profit was £21m for financial year 2023, with the gross profit margin increasing to 58% (up from 50% the previous year).
During the second half of the year, the FAW took advantage of rising interest rates, through deliberate treasury management and, after accounting for interest, dividends and the gain on the fixed asset investments, the profit after tax was £173,432.
Two key elements supported the delivery of FAW’s record revenue numbers:
- The participation of the Cymru men’s team in the FIFA World Cup 2022 in Qatar.
- The amalgamation of the coach education activities of the FAW Trust into the FAW, including the associated workforce.
In addition to these landmark events, FAW grew its existing revenue streams throughout its core business.
One of the six key pillars within the Our Wales / Ein Cymru 5-year strategic plan is the provision of ‘a flexible, inclusive and appealing offer’ to clubs in Wales. To support this objective, a team of development officers were recruited during the 2023 financial year. Further investment has been made in 2024 by adding a team of participation officers which provide Area Associations, clubs, and players with a designated resource to help them to deliver inclusive and accessible football for all.
The provision of adequate infrastructure at grassroots level is another principal pillar within FAW’s strategy. This not only supports the training and competition needs of players but also plays a vital role in engaging communities and inspiring future generations of athletes.
Cymru’s participation in the the FIFA World Cup 2022 has played a major part in enabling the FAW to support investment in modern and accessible facilities. This legacy will enhance participation rates through community use, improve the quality of training environments and provide opportunities for talent to flourish.
This investment in facilities, which is made through a newly formed charity the Cymru Football Foundation, is an investment in the future of football in Wales, ensuring that the sport continues to evolve and prosper on and off the field.
The FAW is grateful for the ongoing support of the UK Government, through the Department for Digital, Culture, Media & Sport, and the Welsh Government via Sport Wales. Their continued investment has underpinned the FAW’s ability to work in partnership with local authorities and clubs to fund new facilities across Wales through the Cymru Football Foundation, which has had a positive impact on those communities.
The FAW’s balance sheet remains strong with reserves of £14.8m at the end of the 2023 financial year. This financial strength allows the organisation to invest in becoming a world leading football association by implementing the recommendations that were approved by its Council in November 2022 (contained in the ‘A Sustainable Association for the Future’ report).
FAW Chief Financial Officer, John Young said: “The positive results for the 22/23 financial year give the organisation a solid foundation on which to build. The achievement of this record level of turnover combined with the recent news that Wales has been successful in jointly winning the bid to host UEFA EURO 2028, together with the additional hosting fees this will bring, enables FAW to have more certainty about future revenues.
“This gives us the ability to consider some of the larger strategic investments needed to take us to the next level and become truly world-class. This progressive outlook is reinforced by strong commercial and public affairs performance as well as close discipline surrounding our financial sustainability as we continue to grow the association.”
