Essendon Football Club today announced an operating profit of over $1,600,000 for the year ending 31 October 2011.

Essendon chief executive Ian Robson said a number of factors contributed to the turnaround after the club recorded a loss in 2010.

“Increased membership, strengthening of commercial partnerships and improved return on investments all contributed to the club’s positive result this year,” Robson said.

“The financial challenge is always to ensure continued profitability to allow the club to maintain investment in football department resources and it is pleasing to be able to achieve this outcome.

“The club is confident that the strategies we have put in place will continue to drive revenue growth across the business.”

Prior to the deduction of all non-cash items such as depreciation, the club generated a trading cash surplus of $3,400,000. The balance sheet net asset position now stands at $22.7 million.

“The financial position of the club is sound. However,the challenges facing the club next year are significant as we commence the construction and development of our new training and administration facility at Melbourne Airport,” Robson said.