Premier League: Despite relegation fears Newcastle United post increase in profits

 

Newcastle United may be six points from Premier League safety, but have posted an increase in profits in the last year.

During the year ended 30th June, 2015, Newcastle United generated a profit after tax of £32.4million (2014: £18.7million) and a net cash inflow from operating activities of £39.1million (2014: £32.9million).

The Club's debt, in the form of interest-free loans from owner Mike Ashley and companies under his control, has remained static at £129million. None of the debt has been repaid, nor has the owner taken any other monies from the Club during the year or since the year end.

Newcastle invested heavily in players during the summer transfer window following the appointment of Steve McClaren, but he was unable to get the most out of his new signings.

McClaren was sacked last month and replaced by former Liverpool and Chelsea manager Rafa Benitez.

Managing director Lee Charnley said: "We appreciate that, at the present time, football results and not financial results are what our supporters want to see from us

"That said, it would be wrong for the Club not to acknowledge the submission of our accounts for the period July 2014 to June 2015.

"We understand, however, that what you want to see are results on the pitch. There are still 21 points to play for and lots can, and likely will, happen over the next seven games.

"We, of course, acknowledge the seriousness of our situation. However we must remain positive and retain the belief that we can secure our Premier League status and we are doing everything we can to support Rafa and the team."