Newcastle United Ltd on Friday published its financial results for the year ended June 30, 2019, showing turnover fell 2% to £176.4 million but profit after tax rose about 86% to £34.7 million.

Match income increased 4% to £24.8 million as Premier League matchday attendances averaged over 51,000 for the third successive season.

Commercial income fell 2% to £26.2 million “impacted by the success, in the prior year, of the three Ed Sheeran concerts.”

Media income fell £2.5 million “being the net of a lower merit award based on league position, offset against one additional live TV game (19 vs 18) and an increase in international broadcasting income.”

Operating expenses increased 3% to £122.9 million “due almost entirely to an increase in wages and salaries, which accounted for £3.2m of the increase.”

Profit on disposal of players’ registrations increased to £24.6 million from £3.6 million in 2018.

Cash balance at the year-end was £14 million, down from £33.8 million the year before.