Newcastle reveal they have almost doubled profits in last 12 months and Mike Ashley paid for Sports Direct advertising

The latest Newcastle United club have accounts have been published

Newcastle United have released their accounts and revealed they made a £34.7million profit for figures ending June 2019.

This shows a significant increase from 12 months earlier when 2018's accounts revealed an £18.6million profit.

With the country still in partial lockdown the club did not put current managing director Lee Charnley up for interview as they have in previous years.

And with Newcastle still undergoing a Premier League owner's and director's test ahead of a potential £300m takeover, this was the first piece of information to filter down from the boardroom in months.

But a statement read: "Media income fell £2.5m, being the net of a lower merit award based on league position, offset against one additional live TV game (19 vs 18) and an increase in international broadcasting income.

"Match income increased £0.9m (4%) from £23.9m to £24.8m as season ticket and Premier League matchday attendances averaged over 51,000 for the third successive season.

"Commercial income fell £0.5m (2%) from £26.7m to £26.2m, impacted by the success, in the prior year, of the three Ed Sheeran concerts."

The statement also confirmed that Mike Ashley was now paying for Sports Direct advertising at St James' Park.

It read: "The Group is now receiving income from Frasers Group plc (formerly Sports Direct International plc) for stadium advertising at St. James’ Park.

"Operating expenses increased £3.3m (3%) from £119.6m to £122.9m, due almost entirely to an increase in wages and salaries, which accounted for £3.2m of the increase."

United confirmed their wage budget had increased in the last 12 months of accounts.

They said: "At £96.8m the wages to turnover ratio of 54.9% remains under the target 60%, although slightly up from last year (£93.6m, ratio 52.4%)

"Excluding amounts released in respect of prior year onerous contract provisions, the 2019 year figures are £100.9m (2018: £103.4m) and 57.2% (2018: 57.9%)."