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The Magpies' turnover was boosted by Premier League TV money and a fifth-placed finish last year, although their wage bill increased by a massive 20%, slashing operating profit

Newcastle have announced that the club made a £1.4 million profit last year, despite major outlays on players such as Papiss Cisse and Yohan Cabaye.

A fifth-place finish in last season's Premier League campaign boosted the Magpies' turnover, pushing them into the world's top 20 revenue-generating clubs.

"After making significant strides towards meeting and exceeding Uefa's Financial Fair Play regulations last season, the club has recorded an overall profit for the second successive year," read a statement on the club's official website.

"While last year's figures, which included an overall profit of £32.6m, were significantly boosted by the £35m sale of Andy Carroll to Liverpool, this year's figures give a clearer indication of the club's positive performance overall with profit after player amortisation standing at £1.4m.

"The club has also re-entered the list of the world's top 20 revenue-generating clubs after increasing turnover to £93.3m – representing a 5.4 per cent increase on last year."

Commercial revenue, however, fell by 12.7%, while a significant increase in the club's wage bill had a huge impact on operating profit.

But, with a bumper Premier League TV deal on the horizon and a new sponsorship agreement with Wonga yet to kick in, Newcastle are confident of strengthening their financial position further.

"Commercial revenue fell by 12.7%, though the latest figures do not include income from the club's new partnership deal with Wonga.

"That partnership, which is effective from the 2013-14 season, represents a significant increase on the club’s previous commercial agreements.

"While operating costs have remained steady at £21.6m, operating profit is down from £13.3m to £7.5m. A key factor is an increase in the club's wage bill, which has risen by 20% to £64.1m following the signings of a number of key players, including Cabaye, [Sylvain] Marveaux, [Davide] Santon, [Demba] Ba and Cisse."

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