Newcastle United has made profit for the fourth successive year. This cements Newcastle's position, in financial terms, as one of the most successful clubs 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.
"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."
Newcastle United has announced record profits of £18.7m due to increases in television income and new sponsorship deals.
The club also saw revenues increase by 35% from £95.9m to £129.7m.
More than half the club's income (£78.3million) came from the new Premier League television rights deals.
"Most significantly, the club reported strong commercial revenue growth delivering £25.6million in 2014, up from £17.1million 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."
A County Durham factory where hundreds of train carriages will be built is on target to be completed.
The final part of the track connecting the Hitachi factory at Newton Aycliffe to the rail network was laid today.
When it's finished the building will become the company's main European factory for train manufacturing, employing 700 people.
It will be the base for constructing the new Great Western Main Line and East Coast Main Line trains .
The construction of a train factory in County Durham, where hundreds of new train carriages will be built for Intercity and ScotRail contracts, is on target to be completed later this year.
More than 700 people will work at the plant in Newton Aycliffe, where hundreds of new train carriages will be built.
Today the final part of the track will be installed, connecting the factory to the rail network for the first time.
Plans for a Hooters in Newcastle have been turned down by the city council.
The US chain - famous for its attractive and scantily-clad waiting staff - wanted to open a restaurant in the City Quadrant in Newcastle city centre.
It said there was a "common misconception" about the nature of its restaurants, which it said were aimed at families and were not bars.
The application said its style of operation was "no different to that of many similar operators throughout the UK" and that its waitresses "dress in a similar fashion to waitresses at other units in the city centre."
Several officers from Northumbria Police had objected to the application, saying it would attract more stag and hen parties, which they said could lead to a rise in crime.
Newcastle City Council's licensing sub-committee met this morning to consider the application.
A spokesman said: "The licensing sub-committee has today rejected Hooters’ application for a premises licence as it undermines the licensing objectives within the Licensing Act – namely crime and disorder, public nuisance and public safety."
Hooters has 21 days to appeal the decision.
Shambles Market, one of the few UK markets open seven days a week, is reopening following the completion of a £1.6 million refurbishment project.
The market has undergone an extensive redevelopment to deliver improved facilities for traders and a better shopping experience for visitors. There are seven new trading kiosks and a new layout of stalls to make access to all areas of the market easier andmore attractive.
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Hitachi have won a contract to build a fleet of trains for the upcoming ScotRail franchise Newton Aycliffe factory.
The deal also includes a 10 year maintenance contract.
The trains will start running between Edinburgh and Glasgow and Stirling and Dunblane by late 2017.
Hitachi say the AT200 model has been designed to transform the regional commuter travel experience. They will have a top speed of 100 mph and a 35-year lifespan.
Derek Mackay, Scottish Transport Minister, said: “With the new ScotRail franchise, a number of impressive infrastructure projects and these slick new trains, we are giving Scotland a railway to be proud of."
Jon Veitch, Hitachi Rail Europe’s General Manager for Scotland, said: “This is the first contract for our recently launched AT200 commuter train. With the majority of manufacturing taking place in our Newton Aycliffe factory, this is another sign of our confidence in UK manufacturing and will boost jobs and growth in Scotland and the North East of England.”
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