West Brom chairman Jeremy Peace says there is money available to manager Tony Mowbray to strengthen the squad in January - and next summer.

After announcing a record £11.3million pre-tax profit for the year ending June 30, 2008, Peace told the club's website: "We had a very successful season last year, not only winning the Championship but reaching the semi-finals of the FA Cup.

"Financially we've also had a good year and the club is in a strong position.

"We've invested heavily in the playing squad and in the infrastructure of the club.

"And if we want to further invest this January or next summer we have the ability to do so within the financial constraints that we place on the club.

"We have to be cleverer in the way we spend our money.

"Areas such as player recruitment, the sports science department and Academy have been further improved this summer.

"By investing in these areas we can try to compete with the larger clubs and we'll continue such investment over the coming seasons.

"Hopefully that will enable us to continue to grow and give us a chance of remaining in the top flight."