NEWCASTLE UNITED have confirmed increased profits in their accounts for the year ending June 2014.

The accounts, which were released this morning, revealed an annual profit of £18.7m after tax, which was up from £9.9m in 2013.

The results signal the fourth consecutive year of recorded profit for the club, and are sure to prove controversial given the perceived lack of investment into the playing squad while the money continues to roll in.

Newcastle's turnover rose to £129.7m, up from £95.9m the previous year. Matchday revenue, which includes ticket sales and hospitality, dropped to £25.9m, down from £27.8m in 2013, largely as a result of the reduced number of matches as a result of not being in the Europa League.

Media rights revenues accounted for £78.3m of turnover, a 53.3 per cent increase on the previous year. This reflected the new Premier League broadcasting rights deal as well as the club's improved league position of tenth in 2013-14, compared to 16th the season before.

Commercial revenue growth delivered £25.6m in 2014, up from £17.1m in 2013. This 49.7 per cent increase was largely the result of the deals with Wonga and Puma.

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

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."