Leicester City announce record pre-tax £26.4m profits after 'most successful financial year in club’s recent history'

East Midlands club had previously made a loss of £20.8m on their way to the second-tier title in 2014

The King Power Stadium, home of Leicester City (Getty)

Premier League leaders Leicester City have announced record pre-tax profits of £26.4m for the 2014/15 financial year.

The Foxes, who were only promoted from the Championship just under two years ago, describe the results as the “most successful financial year in the club’s recent history” as revenue climbed from £31.2m to £104.4m.

Leicester had previously made a loss of £20.8m on their way to the second-tier title in 2014 but entry to the Premier League have made available to them riches including television rights, increased attendances and wider international appeal.

Chief executive Susan Whelan, who works closely with parent company King Power International, said: “At a time when the club is competing in the upper reaches of the Premier League table, it has been very important for us to consolidate the firm foundations we have put in place over the last five seasons and to ensure that we have the appropriate structures in place for the continued growth and long term development of the club.

“This has put Leicester City in a very strong position to move forward, and our commitment to delivering success on a continuous basis is foremost in our planning.

“We know what the Club is capable of, and we will work with diligence and purpose to ensure that Leicester City will achieve success, stability and be a proud representative of its community and city.”

Attendances at the King Power Stadium, widely acclaimed for its positive atmosphere, rose from an average of 25,003 to 31,693 as the Foxes retained their Premier League status last season. As a direct result, match receipts rose from £6.9m to £10.6m with 98.5 per cent of the arena’s capacity being used.

Leicester City have become a major force in English football (Getty)

It is believed that Leicester have considered the merits of expanding the King Power Stadium in recent years, with the option to build a new tier onto the East and Family stands, in a move which would increase the capacity to over 41,000 seats.

Managed by Nigel Pearson last term, the seven-time second tier champions spent £25m on first-team recruitment, notably luring former Real Madrid and Internazionale midfielder Esteban Cambiasso on a free transfer.

The scouting network at Filbert Way, led by head of recruitment Steve Walsh, has become one of the most highly commended in world football, with current Premier League top goal-scorer Jamie Vardy joining for £1m from Fleetwood Town in 2012.

Riyad Mahrez, the favourite to be handed this season’s Player of the Year award, was ensnared from French second tier side Le Havre in January 2014 for just £400,000.

Whelan added: “The club continues to benefit from the remarkable support of our owners, chairman Vichai Srivaddhanaprabha and vice chairman Aiyawatt Srivaddhanaprabha, and the King Power Group of Companies.

“The wonderful way our supporters and the people of the city have embraced their vision and welcomed them as part of their community has strengthened both their passion for the club and their determination for it to succeed.”