Watford financial report: Decreasing wages in midst of relegation battle

10 February 2020

Photo: Getty Images In part by reaching the final of the FA Cup - and placing an emphasises on the importance of media and broadcast income for clubs outside the traditional "Big Six" - the club's turnover rose to £147.6 million from £128.8 million the year before.

Going against the trend, the Hornets' wages decreased by almost three per cent in the 2018/19 season, the club's just-released financial report has revealed.

In conjunction with their rising turnover, mainly due to increased TV income, Watford's wages-to-turnover ratio also fell to 57 per cent.

The club turned the previous year's loss into an almost £10 million profit.

Cash flow analysis show dependency on new loans.

Emil Gjerding Nielson and Mads Christian Fogt Jensen, analyst nielson@offthepitch.com

Facing a very real threat of spending next season in the Championship, with Nigel Pearson's men increasing their winless streak to four over the weekend, the club's chairman may find comfort in the fact that the Hornets' financial report for the 2018/19 season shows their finances have been carefully managed.

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