Newcastle United announce record profit of £18.7m

Newcastle United have reported record profit of £18.7m for the fiscal year ending in June 2014.

It is the fourth consecutive year that the North-East club have recorded profit.

The sum is an £8.8m increase on the profits of 2013, which stood at £9.9m.

Newcastle's turnover has also increased, from £95.9m in 2013 to £129.7m in 2014, while operational losses of £600,000 in 2013 have been turned into an operating profit of £4.7m as the club continue to outperform UEFA's Financial Fair Play regulations.

The club's debt remains at £129m in the form of an interest-free loan from owner Mike Ashley.

Newcastle currently sit 12th in the Premier League.