Everton report record profit of £28.2m for 2013-14

Everton chairman Bill Kenwright appointed Roberto Martinez as manager in June 2013

Everton made a club-record profit of £28.2m for the year ending 31 May 2014.

The £120.5m turnover was the highest in their history, helped by the lucrative new Premier League TV deal and rises in sponsorship income and gate receipts, plus profits on player sales.

Everton have also reduced net debt to £28.1m from £45.3m, according to their latest accounts, published on Friday.

"We are moving forward on so many fronts off the field as well as on it," Everton chairman Bill Kenwright said.

The club returned a profit for the second successive year, having made £1.6m in 2012-13.

They were helped by a significant increase in broadcast revenue from the first season of a three-year Premier League television deal with Sky and BT Sport, which began in 2013.

It rose from £55.7m to £88.5m - a figure higher than Everton's entire turnover for the previous year.

The club made a profit of £28.2m profit on player trading, helped by the sale of midfielder Marouane Fellaini to Manchester United for £27.5m in September 2013, as well as deals to sell Victor Anichebe to West Brom at the same time and fellow striker Nikica Jelavic to Hull City in January 2014.

Sponsorship, advertising and merchandising revenue increased slightly, while gate receipts went up along with attendances at Everton finished fifth in the Premier League and reached the FA Cup quarter-finals.

But staff costs also went up - largely as a result of squad strengthening - by 10%, from £63m to £69.3m.

The £28m club-record signing of striker Romelu Lukaku from Chelsea is not included in the latest accounts, as he was not brought in until July this year.

That deal, along with new contracts for manager Roberto Martinez, midfielder Ross Barkley and defenders Seamus Coleman and John Stones, will be recorded in the 2014-15 accounts.

Chief executive Robert Elstone said: "Our financial results highlight growing revenues, costs remaining under control and debt reducing.

"When we combine that solid financial base with a playing squad that continues to improve and increase in value, we have every right to be confident and positive on future prospects."