1. ITV Report

Liverpool record annual profit for first time in seven years

The sun is shining on Liverpool at the moment. Photo: PA

Liverpool have recorded an annual profit for the first time in seven years.

Figures released for the financial year ended May 31, 2014 show the club made a pre-tax profit of £0.9million - a considerable improvement on the £49.8million loss of the previous year.

The figures underline the progress the club have made since their takeover by Fenway Sports Group, the American investment company run by John W Henry, in 2010.

FSG inherited huge debts from previous owners Tom Hicks and George Gillett and saved the club from financial catastrophe.

The latest figures, which show a 19 per cent rise in revenue, also come just a week after the club were cleared of breaching UEFA's Financial Fair Play regulations following an investigation by the European governing body.

On the negative side, the club's net debt has increased by £12.2million to £57.3million.

No reason has yet been given for this rise but the debt situation still compares favourably to the position when FSG rescued the club following the ruinous ownership of Hicks and Gillett. At that point the club's net debt stood at £237million.