SUCCESS on the pitch has helped Newcastle United financially as its operating profit almost tripled.

In the financial year to July, the club's pre-expenses profit was £15.3m and it recorded a pre-tax profit of £1.89m, following last year's loss of more than £5m.

The club finished fourth in the Premiership last season, its best placing for five years, and gained entry this season into the financially-lucrative Champions League.

The move back into the black is being attributed to the bigger crowds, a 29 per cent rise in sponsorship and a 67 per cent increase which takes TV revenue to £24.6m.

Newcastle will pay investors a final dividend of 2.27p, up from 2.04p previously and it has £19.2m in cash to bankroll this season's campaign.

Operating profit - before allowing for the costs of players over the term of their contracts - was £15.3m for the year to the end of July. It was £5.4m the previous year.

Turnover rose by 29 per cent to a record £70.9m.

The club says it has kept a cap on player wages although operating expenses rose by 12 per cent to £55.5m.

The club values its squad - the average age of the players is under 24 - at £153m.

Chairman Freddy Shepherd said: "We are now benefiting from the enormous effort put into building a strong squad at both senior and junior levels.

"Success on the pitch is the driver of our business.

"We are mindful of the wage pressures facing the football industry and are working hard to control our costs while maintaining a competitive edge in the player market.

"Finally, and most importantly, we thank the club's fans for their tremendous support and look to the future with optimism."

He said that the club must qualify for the Champions League again if it was to build on its strong position.

Frank Gilmour, of the Newcastle United Independent Supporters Association, said: "The figures are good and it puts Newcastle in a stronger position.

"The shareholders will be happy and, as long as that extra profit is transferred back to the playing side, then the fans will be happy."