Struggling Newcastle announce profits rise

Newcastle United may be struggling to avoid relegation from the Premier League, but on Wednesday they announced a rise in annual profits to £32.4 million ($45.7 million, 40.2 million euros).

The post-tax figure, for the financial year ending June 30 2015, represents a significant increase from £18.7 million the previous year.

Newcastle, who recently appointed Rafael Benitez as manager, are currently six ponts adrift of safety in the Premier League with seven matches of the season remaining.

“We appreciate that at the present time, football results and not financial results are what our supporters want to see from us,” managing director Lee Charnley said in a statement.

“That said, it would be wrong for the club not to acknowledge the submission of our accounts for the period July 14 to June 15.

“We understand, however, that what you (the fans) want to see are results on the pitch. There are still 21 points to play for and lots can, and likely will, happen over the next seven games.

“We of course acknowledge the seriousness of our situation. However we must remain positive and retain the belief that we can secure our Premier League status and we are doing everything we can to support Rafa and the team.”