The north-east side made a profit after tax in 2012/13 of 9.9 million pounds ($16.53m, 12 million euros) -- up from �1.4million ($2.3m)in 2011/12 -- even though spending on player transfers increased.

Turnover also rose by �2.4m ($4m) to �95.9m ($160m) with commercial revenue rising 24.2 percent to �17.1m ($28.5m), while Newcastle's total wage bill fell from �64.1m ($107m)to �61.7m ($103m).

The club's debt remains the same in the form of a �129m ($215m) interest-free loan from owner Mike Ashley.

Newcastle's statement said: "As supporters will be aware, finances are a significant issue for all football clubs given the introduction of financial fair play into the Premier League in addition to UEFA's regulations.

"Complying with FFP (financial fair play) continues to be a key influence on strategy and something we have been working hard at over a number of years.

"Everyone at this club wants to finish as high up the Barclays Premier League table as they possibly can. If the club can sustain itself as a 'top 10' team year-on-year with a stable structure and the right finances, it gives itself every chance of pushing even further.

"The process requires patience but we remain absolutely committed to growing the club in a responsible and sustainable way."

Newcastle are currently eighth in the Premier League table.