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Sheffield Utd announce profits

Sheffield United have revealed operating profits of £6.3million when announcing their latest trading figures.

Retained profits for the year ending June 2007, with players' transfers taken into account, are £500,000 compared to a loss of just under £8m for the previous year.

Turnover increased by 68 percent to £45.8m, largely thanks to the club's season in the Premier League while off-field businesses contributed significantly.

After investing heavily in new players, wages for the squad increased by 67% on the previous year.

United chief executive Jason Rockett said: "I am pleased that Sheffield United can report a retained profit for the first time in many years.

Sheffield United plc has established a business model which is not solely dependent on Premier League football to progress, although a return to the Premier League remains a principle objective."

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