Leicester make pre-tax profit of £16.4m after winning the Premier League title

Reigning Premier League champions saw their turnover increase by more than £24m year-on-year

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Leicester have announced a pre-tax profit of £16.4m for the year ending May 31, 2016.

The club's turnover increased by more than £24m from the previous financial year, mainly due to the prize money from landing the 2015/16 Premier League title. They had finished 14th in 2014/15.

Increased domestic television revenue and an upward swing in attendance also contributed to the rise in turnover.

Chief executive Susan Whelan said: "Our long-term commitment to financial sustainability includes regular reinvestment back into the club, keeping it competitive as we bid to bring continued success to its growing supporter-base and the community that has supported it for over a century.

"We will continue to work diligently and purposefully to build a legacy they can all be proud of."

The Foxes' profits dropped around £10m despite the title success, mainly due to increased investments in the first-team squad.

The club also upped their charitable donations, including £2m towards the development of a new Leicester children's hospital, and invested a further £3.5m into their "fixed asset infrastructure".

Whelan added, quoted on the club's website: "The 2015/16 season will be remembered for generations to come as the season Leicester City changed the game. But those closest to our success - our supporters - will know that, while unexpected, it was a reward for the years of sustainable planning that preceded it.

"Our business principles, infrastructure and foundations have been in place for some time and it is our absolute belief in our approach that has yielded such a remarkable outcome, albeit it some way ahead of schedule.


New signings meant that Leicester's profits dropped by £10m (Getty)

"The incredible support of the Srivaddhanaprabha family and the King Power Group of companies continues to safeguard the club's future and it remains an enormously rewarding experience for everyone associated with the club to be part of the family's long-term vision.

"Their passion for the club and commitment to its progress sets the tone from which we all take inspiration."