Newcastle announce record profits of £18.7m as owner Mike Ashley continues to tighten the purse strings at St James' Park  

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Newcastle have announced record profits of £18.7million last season due to increases in television income and new deals with sponsors.

The club, owned by Mike Ashley, also saw revenues increase by 35 per cent from £95.9m to £129.7m, the club said.

More than half Newcastle's income - £78.3m - came from the new Premier League television rights deals, with commercial income also increasing. 

Newcastle owner Mike Ashley has seen his side record a profit for the fourth consecutive year 

Newcastle fans have not taken to Ashley since he took control of the Premier League club in 2007

A Newcastle statement said: 'Most significantly, the club reported strong commercial revenue growth delivering £25.6m in 2014, up from £17.1m in 2013. This 49.7 per cent increase was largely the result of two lucrative new deals with the club's principal sponsors, Wonga and Puma.' 

It is the fourth successive year the club have made a profit and cements Newcastle's positions in financial terms at least as one of the most successful in the top flight.

The club's debt remained static at £129million in the form of an interest-free loan from owner Mike Ashley - none of the debt has been repaid.

Newcastle 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.

A large proportion of Newcastle's income came through sponsorship deals with Wonga and Puma 

'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.'