These results ensure UEFA’s break-even criteria under the Financial Fair Play (FFP) regulations continue to be satisfied.

The £18.4 million profit follows the £1.4 million generated two years ago. Strong revenue increases as well as a significant surplus on player sales during the 12-month period contributed.

The turnover figure – up from £255.8m - increased for a fifth consecutive year, demonstrating business growth continues in seasons without trophy success as well as in years when silverware is won. The new FAPL broadcasting deal contributed significantly as did commercial income. In the past year we have signed new partnerships with Rotary, Hackett, Coral, William Lawson’s, Indosat and Guangzhou R&F Football Club.

There was a small rise in matchday income but with Stamford Bridge filled to capacity year after year there was no scope for significant financial growth in this area. General admission ticket prices remain frozen at 2011/12 levels.

The latest financial results combined with those from the previous two years mean that for the second monitoring period for FFP we will fall comfortably within the limits set by UEFA, who measure expenditure against the income from football-related activities. Chelsea also complied with FFP criteria over the first monitoring period.

Chairman Bruce Buck said: ‘The club is naturally pleased to record a significant profit for 2013/14. By reaching the Champions League semi-final and maintaining a challenge in the Premier League until the final week of the season we demonstrated that, while improving our financial figures, we remained competitive in football’s toughest club competitions.

‘We financed player purchases from sales as the squad for this current season was shaped, and our philosophy since Mr Abramovich acquired the club in 2003 has been to build upon success on the pitch. That is evident in the partnerships we signed and in our fanbase growth which contributed to the new record turnover figure and the profit made. We have done all of this at the same time as creating one of the world’s leading football community programmes through the Chelsea Foundation.

‘Going forward, we have ambitious plans to build a pioneering global commercial programme, partnering with innovative and market-leading organisations from around the world. In the era of FFP, we must progress commercially to continue the circle of success to invest in the team and get results.’