Lee Charnley promises a ‘net spend’ on players at profitable Newcastle

RESULTS ... Lee Charnley, left, and Mike Ashley.
RESULTS ... Lee Charnley, left, and Mike Ashley.

LEE Charnley says Newcastle United are ready to upgrade the squad at St James’s Park – after revealing the club made a £18.7m profit after tax.

The club’s turnover for the year ending June 2014 increased to £129.7m, up from £95.9m the previous year.

And managing director 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.

“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.”