• Match-day sales at Anfield up thanks to Europa and League Cup runs • Robert Firmino and Nathaniel Clyne signings contributed to overall loss

Liverpool made a £19.8m loss in the financial year ending 31 May 2016 despite overall revenue increasing to a record £301m, the club’s latest accounts reveal.

Despite failing to qualify for the Champions League both media and match-day revenue increased at Anfield, largely as a result of Jürgen Klopp’s team reaching both the Europa League and League Cup finals.

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Media revenue rose by £1m to £123.6m, match-day income by £3.4m to £62.4m and commercial revenue was down by £700,000 to £115.7m. The decrease was attributed to the construction of the new main stand at Anfield restricting access to the stadium on non-match days, although 10 commercial partnerships were signed during the period.

Overall revenue rose by £3.9m to a record £301.8m, the accounts reveal, but new signings such as £29m Robert Firmino and £12.5m Nathaniel Clyne contributed to a loss before tax of £19.8m. The accounts also include the professional contracts awarded to 12 youth academy players. Liverpool launched new websites in Arabic, French and Spanish and their social media following climbed above 50m.

Andy Hughes, Liverpool’s chief operating officer, said: “These results demonstrate the solid financial progress that’s been made over the past six years under the leadership of FSG [Fenway Sports Group] with continued investment in the playing squad and the completion of the main stand.

“The increase in the underlying revenue adds further strength to the club’s financial position despite the cost of football rising with player transfer fees, wages and agents’ costs. During this reporting period, we also agreed a new five-year credit facility which further secures the club’s long-term financial stability. All three main revenue streams continue to show strength and commercial revenues held firm irrespective of the impact of the main stand at Anfield.”

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Liverpool’s finances for the current year will be improved by revenue from the new stand that opened in September, and the record broadcasting deal that has come into effect.

Hughes added: “The investments from this ownership have been a key factor to our financial and global progress. We have seen continued investment in the playing squad; the expanded main stand; the new flagship retail store opening later this year; fully refurbished retail stores in Liverpool and Belfast; and we are consulting on a proposed development at our academy in Kirkby to bring together the first team and our young players.

“These investments all contribute to further progress and strengthen the club’s financial position which ultimately serves to support all of our football ambitions.”