SAINTS have reported an annual profit for the second consecutive year, after revealing their 2014/15 financial results.

The St Mary's Football Group produced a £12m profit in the period up to June 30, building on the £33.4m they turned in 2013/14 - which was the first time since 2005 the club had not disclosed a loss.

The latest figures also show that revenue increased from £106.1m to £113.7m, while commercial income grew at an encouraging rate, by 21.3 per cent, up to £10.1m.

There was also a notable increase in the club's wage bill, which largely relates to investments in the playing staff.

It has risen from £55.2m in 2014 to £70.8m, although it does include an £8.3m cost of onerous and cancelled contracts from historical player trading.

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The wages to turnover ratio now stands at 63.4 per cent, up from 59.3 per cent, while operating costs to turnover comes in at 85.5 per cent.

The club has also seen its debt position increase, however, to about £62m, but the majority of that is owed to owner Katharina Liebherr, rather than outside parties, with the board confident that figure has now peaked and will be reduced in the coming years.

Chief executive Gareth Rogers said: "These latest financial results offer a clear indication of the Group’s sound underlying business operations, supplemented by recent player trading.

"As planned, the surplus generated through player trading has been reinvested into the playing squad through transfer fees, additional wages to new and existing players and respective deal costs.

"The Group’s future debt position, whilst higher than management would prefer to be carrying, was forecast and in order to further promote financial sustainability, the Group has robust plans in place targeting an ongoing reduction in the debt over the medium and long term.

"I am delighted to report that commercial turnover has seen an increase of 21.3% to £10.1m, signalling a strong start on our journey of commercial growth. This remains a key focus of the Board and key

management as we continue to progress in the areas in which we identified for improvement.

"The future looks positive thanks to the strong financial governance that is now in place, yet the management are well aware of the balance that must be struck between on-going sustainability and investment to achieve sporting success."