Liverpool have announced a first profit in seven years thanks mainly to the Premier League broadcasting deal that increased revenue to £255.6m in the year ending 31 May 2014.

The club’s profit before tax was a modest £900,000 but, compared to a loss of £49.8m in 2013, the sum underlines the financial recovery that the owner Fenway Sports Group has implemented since taking over from Tom Hicks and George Gillett in 2010. The figures also demonstrate why Liverpool were last week cleared of any financial fair play breaches by Uefa, who had studied the club’s books following the 2012-13 losses plus a £40.5m loss in the 10-month period before then.

Liverpool’s revenue increased by 19% in 2013-14, with media revenue up by 46% to £100.9m thanks to the current television deal. Commercial revenue, which has increased since this financial period due to tie-ins with the likes of New Balance and Nivea, also showed a 5% rise to £103.8m.

Net debt grew from £12.2m to £57.3m largely as a result of player transfers and transfer payments due during the period, but Liverpool’s overall debt has decreased from £237m when FSG took over in 2010. Liverpool do not report the overall debt figure.

The chief executive, Ian Ayre, said: “With a hugely supportive ownership we have brought financial stability back to this football club and we now have the right structure, platform and ambition to continue growing on and off the pitch.”