Newcastle United have announced record financial profits.

Newcastle have declared record profits of £18.7million last season.

The club also saw revenues increase by 35 per cent from £95.9million to £129.7million, the club said.

More than half Newcastle's income - £78.3million - 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 £25.6million in 2014, up from £17.1million in 2013. This 49.7 per cent increase was largely the result of two lucrative new deals with the club's principal sponsors, Wonga and Puma."