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8 March 2012, 14:39 | Updated: 30 March 2016, 13:50
Newcastle United Ltd celebrate a landmark 2010/11 year - achieving close to break-even for the first time in its recent history.
The overall operational loss for the year after amortisation was just £3.9m, compared to a loss of £33.5 million in 2009/10 and £37.7 million in 2008/9.
Promotion to the Premier League resulted in a 69% increase in turnover, from £52.4 million in 2009/10 to £88.4 million in 2010/11, principally the result of a three-fold increase in TV revenue.
Money made from ticket sales went up by 16%, from £20.9 million in 2009/10 to £24.3 in 2010/11.
Just under a million fans visited the stadium in 2010/11, the third highest attendance in the country.
For the year 2010/11, wages accounted for 60.6% of turnover - compared to 82.7% in 2008/9 an 90.5% in the Championship season 2009/10.
The net cash spend on player transfers to June 2011 was a receipt of £5.4 million, which includes the fee for the sale of Andy Carroll to Liverpool FC in January 2011. The Club has since spent a further £25 million in cash on players and wages.
The debt to Mike Ashley remains £140 million, which continues to be provided interest-free by the owner.
Newcastle United's Managing Director Derek Llambias said:
"The Club's financial results for the year end June 2011 are extremely strong. We can now count ourselves amongst very few clubs across the UK and Europe who are operating at close to break-even.
What is particularly pleasing is that we have achieved this whilst also ensuring we have a strong squad sitting firmly in the top third of the table and currently pushing for a European place.
Mike Ashley continues to provide loans totalling £140 million interest-free, for which we are extraordinarily fortunate. Once again, Mike has not taken any money out of the Club."
The full annual accounts, including the financial statements of the Group and the Independent Auditors' Report for the year have been submitted to Companies House today.