Norwich back in the black following promotion

Grant Holt
The goalscoring exploits of Grant Holt have helped fill the Carrow Road coffers. Photo: PA

Norwich today reported a profit for the first time in three years of £13.5million following a massive £50million increase in revenue after their first season in the Barclays Premier League since 2005.

The latest set of accounts cover the financial year which ended on May 31 2012, and showed overall revenue was up from £23.21m in 2011 to £74.3m, mainly because of increased funding from Premier League status.

Profit after tax was £13.5m, compared to a loss of £3.9m in 2011 and £5.8m in 2010, while external debt was reduced to £11.3m from £16.6m.

Norwich, who just three years ago were playing in npower League One before Paul Lambert masterminded successive promotions, stated all spare cash had been "reinvested into football at the appropriate time", which included "£12.4m as a contribution to the player transfer fund for the 2012-13 season".

The Norfolk club also hope to wipe out their remaining external debt by the end of the season.

The Canaries face Arsenal at Carrow Road this afternoon looking for their first win in the Premier League under new manager Chris Hughton.

Chairman Alan Bowkett is all too aware of the need for the Norfolk club to retain top-flight status once again ahead of the new Premier League's broadcast contract, which is worth £3bn over three seasons.

"We are very pleased with these sets of results because it is just another step for us to take to achieve our objective to become a self-sustaining, established Premier League club," Bowkett said in an interview with the Eastern Daily Press.

"Once we have paid off all our debt, we run our football club as a mutual co-operative, all excess cash then, which used to pay down debt, can go into our football budget.

"We are planning to be in the Premier League next year because the finances and the management of the club has gone better than we planned and that's thanks to all employees; management and football."