Last updated on .From the section Newcastle

Newcastle United have announced a record annual profit of £18.7m for 2013-14, the fourth consecutive financial year they have made money.

The Premier League club's debt remains at £129m, which they say is an interest-free loan from owner Mike Ashley.

"The club benefits from a supportive owner and is financially stable," said managing director Lee Charnley.

"This gives us a strong platform from which to grow, on and off the pitch."

He added: "A result of which means, as we move forward, we are able to net spend on the playing squad and invest in other areas of the business."

Mike Ashley (right), pictured with managing director Lee Charnley, took over Newcastle in 2007

The Tyneside club, who are currently 12th in the English top-flight, say a growth in their commercial revenue has helped increase after-tax profit to £18.7m from £9.9m in 2013.

An operating profit of £4.7m was recorded for the year ending June 2014, up from operational losses of £0.6m in the previous 12 months.

Newcastle sold France midfielder Yohan Cabaye to Paris St-Germain in a £19m deal in January 2014.

During the 2013-14 financial year, the club signed three players - France striker Loic Remy and Netherlands attacker Luuk de Jong on loan, along with teenage French midfielder Olivier Kemen for an undisclosed fee.

In October 2013, hundreds of Newcastle fans marched through the city to protest against the way Ashley was running the club.

Norman Watson, chairman of the Newcastle United Supporters' Trust: "None of this profit is being reflected on the pitch. The club went nearly 18 months without signing a full-time professional player on a permanent deal. "Fans want to see money invested in the playing staff. Before the Arsenal match we had only 13 fully fit first-team players - the squad is extremely thin on the ground."

"With our commitment to keeping ticket prices affordable for our supporters growing our commercial income has been crucial," added Charnley.

"We believe financial stability will deliver positive on-field results for the club."

The club's turnover rose to £129.7m, up from £95.9m, with income from media rights accounting for £78.3m - an increase of 53.3% - the bulk of which came from the television deal agreed with BT Sport and BSkyB in June 2012.

But there was a drop of £1.9m in matchday revenue, which includes ticket sales and hospitality.

That fell to £25.9m from £27.8m in 2013 when Newcastle, who were playing in the Europa League, hosted seven extra home games.