Newcastle United reveal £18.6m profit with latest accounts

Credit: Richard Sellers/PA Wire/PA Images

Newcastle United say the club is in a "healthy financial position" after making a profit of £18.6 million pounds in the year ending June 2018.

Accounts for the Magpies published on Thursday reveal that profit came after the club made a loss of more than £41 million pounds following relegation to the Championship in 2017.

Credit: Owen Humphreys/PA Archive/PA Images

A tenth-placed finish in our first season back in the Premier League was a fantastic achievement and I would like to thank everyone connected to the club – staff, players and fans – for their collective efforts.

The significant increase in revenue, together with prudent financial management, resulted in the club showing a profit and that is reassuring, given the substantial loss in the previous year.

There is much more work to be done but these positive financial results give the club a strong platform on which to build. We all want to see the club improve and be competitive at every level, and in every competition. We are convinced that the best route to achieving this is to do so sustainably, spending on young development players and adding high quality to the first team squad each season – players that can really make a difference and improve the team - without risking the financial health and stability of the club.

We strongly believe that consistently doing the above, and robustly following this policy, will give us the best possible chance of achieving our shared ambitions.”

– Lee Charnley, Newcastle United’s managing director

In a statement, the club says owner Mike Ashley has been repaid £33 million pounds from a loan to the club a decade ago. Mr Ashley is still owed £111 million pounds - but that amount will only be repaid if Newcastle United is sold.