Norwich City have announced a bumper profit for the past year.

Norwich have reported a profit for the first time in three years of £13.5million following a massive £50million increase in revenue after their first season in the Barclays Premier League since 2005.

The latest set of accounts cover the financial year which ended on May 31 2012, and showed overall revenue was up from £23.21m in 2011 to £74.3m, mainly because of increased funding from Premier League status.

Profit after tax was £13.5m, compared to a loss of £3.9m in 2011 and £5.8m in 2010, while external debt was reduced to £11.3m from £16.6m.