Premier League: Newcastle announce annual profits for fourth season running
Premier League side Newcastle has confirmed further profit in it's annual accounts for the year ending June 2014.
The club has recorded strong results, with the growth in commercial revenue playing a greater role in delivering a record £18.7million profit after tax, up from £9.9million in 2013. This is the fourth consecutive year of recorded profit for the football club.
Turnover rose to £129.7million, up from £95.9million the previous year. Matchday revenue, which includes ticket sales and hospitality, dropped slightly to £25.9million, down from £27.8million in 2013, when the Club hosted seven additional home games as a result of its participation in the UEFA Europa League.
The Club's debt continues to remain static at £129million in the form of an interest-free loan from owner Mike Ashley. None of the debt has been repaid to Mr Ashley nor has the owner taken any other monies from the Club.
Newcastle United managing director Lee Charnley said: "I am pleased to report a positive set of results which confirms the healthy financial position the Club now finds itself in and is a reflection of the prudent and measured manner in which we operate."
"The Club benefits from a supportive owner and is financially stable. This gives us a strong platform from which to grow, both on and off the pitch, a result of which means, as we move forward, we are able to net spend on the playing squad and invest in other areas of the business."
"The most pleasing aspect in this set of accounts has been the growth in our commercial revenue and it has been our strongest year yet in that respect."
"With our commitment to keeping ticket prices affordable for our supporters growing our commercial income has been crucial. The deals we struck with our two main sponsors, Wonga and Puma, together with a stronger focus on our commercial operations, have helped us achieve this growth."
"We believe financial stability will deliver positive on-field results for the Club."