West Ham have announced a record £43million profit from their first season at the London Stadium but admitted they would have made a similar amount had they stayed at the Boleyn Ground.

In 2015-16, the Hammers made a £4.8m loss after tax and today they credited the huge increase in the 2016‑17 season to a £32.6m rise in TV revenue as well as money from player sales.

A significant section of the club’s fanbase was unhappy when the Hammers left their home of 112 years in the summer of 2016 to move to the London Stadium.

The levels of profit revealed today are bound to further anger those supporters, already unhappy at what they perceive as a lack of adequate investment in the squad since the move, despite promises by the board of rising to the ‘next level’ and ambitions of qualifying for European competition.

The Hammers received £119m in broadcasting fees in 2016-17, the first season of the record £5.1billion domestic Premier League TV deal.

The club also reported a profit of £28m on player sales, notably Dimitri Payet, who went from West Ham to Marseille in January 2017 for a reported £26m fee. West Ham would have had little time to reinvest that amount on players then but supporters will want to know why there was not a much more significant spend on players last summer.

The club also revealed that they made an £8.7m profit on the sale of the Boleyn Ground.

In her review, vice-chairman Karren Brady wrote: “As a result of these three factors for the year under review, the group recorded a profit before interest and taxation of £48.5m.

“It is worth noting that the club would have made a similar profit had it remained at the old stadium and the majority of the profit for the year has been generated by the new broadcast agreement and by profit on player sales.”

Brady states that 2016-7 was “a satisfactory year for the club”. She wrote: “All areas of income have increased resulting in the additional revenue of £41.3m this year, taking our turnover to £183.3m which is a club record.”

The capacity for games at the London Stadium is 57,000 - significantly more than the 35,000 at their previous home. Despite the vast difference in size, revenue from ticket sales increased by only 6.3 per cent (up to £28.6m from £26.9m) partly due to the discounts the club offer with West Ham having one of the cheapest season tickets in the Premier League.

A total of £29.7million from the sale of the Boleyn Ground went on paying off two legacy bank loans totalling £14.7m and £15m for the one-off usage fee for use of the London Stadium. The club also pay £2.5million a year - as part of a 99-year lease - to rent the stadium from the London Legacy Development Corporation.

The club also state that net debt, including cash, fell by £21.3m during the 2015-16 season, at the end of which they had no bank debt, replaced instead by short-term lending of £30m and shareholder loans of £45m.

“During the campaign in question,’ the club says it ‘borrowed £42.5million of short-term funds and repaid them all in full.’

The club goes on to say that ‘they have moved away from bank lending completely and now utilises short-term lending and shareholder loans. The vast majority of the money put in by the shareholders has stayed in the business although, as a result of this successful year, £4.2million of the oldest shareholder loans were repaid along with associated interest during the season. “

In addition, the interest on the shareholder loans was reduced to four per cent from six to seven per cent from April last year.

The club say they spent £8.1million on capital expenditure during the season, predominantly relating to the London Stadium (above) including fit-outs of the offices, shop, warehouse, Club lounges and meeting rooms as well as the branding of the stadium, but also substantial investment on new pitches and refurbishment of Rush Green, the first-team training ground.

West Ham co-chairman David Sullivan said: “The Club is in the healthiest financial position it has been in for years.

“In each of the last two seasons we have broken our transfer record and improvements in our overall financial position will help us to increase investment again this summer.

“I know some of our supporters will argue we have not spent enough in the transfer windows and signed the right targets - I accept that. I have explained in recent weeks we are changing the structure of our scouting and recruitment set-up and will make every effort to improve our performance in those areas in the future.”