London Stadium owners reveal profit on paper

20 Jul, 2023
written by Sean Whetstone

In the LLDC meeting papers for the Investment Committee which is due to meet later today claims E20 Stadium group which owns the London Stadium made a profit of £8.9m due to exceptional income from the settlement of a number of disputes and  a reduction in the onerous contracts provision, largely driven the change in prevailing government guilt rate since last year.

However they go on to add that despite this group that the London Stadium made an overall loss of £15.8m for the 2022/23 financial year (2021/22: £13.7m), largely because of higher utility prices.
The total group outturn is a profit of £8.9m (2021/22: loss of £53.9m) largely due to net changes in the onerous contract provision.
Total Group (profit)/loss per E20 Stadium LLP income statement £8,888,000 profit
Depreciation and impairment – £11,477,000
Purchases recharged within the Group -£4,575,000
Exceptional income (net of exceptional costs) £7,386,0000
Financing costs -£12,740,000
Total net change in provisions -£46,123,0000
Underlying Group operating (profit)/loss -£15,830,0000


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