Newcastle United have announced record profits of €26 million last season due to increases in television income and new deals with sponsors. The club also saw revenues increase by 35% from €131m to €177m.

More than half Newcastle’s income – €107m – came from the new Premier League television rights deals, with commercial income also increasing.

A Newcastle statement said: “Most significantly, the club reported strong commercial revenue growth delivering €35m in 2014, up from €23m in 2013. This 49.7% increase was largely the result of two lucrative new deals with the club’s principal sponsors, Wonga and Puma.”

It is the fourth successive year the club have made a profit and cements Newcastle's positions in financial terms at least as one of the most successful in the top flight. The club's debt remained static at €176m in the form of an interest-free loan from owner Mike Ashley – none of the debt has been repaid.

The Newcastle managing director, Lee 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.”