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."