Watford have announced a record turnover of £29.9million for the current financial year, despite their relegation from the Premiership.
The figure represents a significant increase on the £21.4million from the previous year and has been attributed to increased TV income from the Premiership as well as higher ticket sales.
"We are now a Company with a stable business base from which to challenge for the Premiership based on an expanded revenue basis.
"We own our own ground and have a squad of players with significant value. We have the capacity to grow on the Vicarage Road site and in the area surrounding it.
"Moreover we have the people to achieve our ambitions and it is of this I am most proud," he added.