Newcastle announce £18.7m profits

It is the fourth successive year the club has been able to announce positive financial results

A view of St James' Park (GETTY IMAGES)

Newcastle United plan to sign at least three new players during the summer transfer window, after announcing a profit of £18.7m on Monday.

The Magpies saw their turnover rise to £129.7m for the financial year ending June 2014, largely as a result of the increased income from the television deal, adding more than £30m to the previous year’s figures. The profit is an £8.8m improvement on 2013.

Newcastle also sold Yohan Cabaye for £19m and Mathieu Debuchy for £12m during the financial year. This, coupled with the additional TV revenue and commercial deals with Puma and Wonga, could help explain the healthy figures.

However, the club’s full accounts – which should explain in detail the profit increase – do not come out until the end of the week.

They have won just two games since John Carver took over from Alan Pardew as temporary head coach until the end of the season and they have slipped to 12th in the Premier League after failing to strengthen their squad in January. They are ready to sign an established centre-half and striker in the summer to try to arrest the slump.

Newcastle had just 13 fit, recognised first-team players available for their recent defeat to Arsenal. There is frustration among supporters about the failure to strengthen at key times and the decision to overlook the domestic cup competitions.

The club’s managing director, Lee Charnley, admitted: “As we move forward, we are able to net spend on the playing squad and invest in other areas of the business.

“This gives us a strong platform from which to grow, both on and off the pitch. We believe financial stability will deliver positive on-field results for the club. The club benefits from a supportive owner.”

The figures revealed that the club is still in debt to that owner, Mike Ashley, to the tune of £129m, and that it has not been reduced.