Derek Llambias expresses delight with Newcastle's "boring" financial figures
Newcastle managing director Derek Llambias has expressed his delight at the club's latest financial figures.
By Pete O'Rourke - Follow me: @skysportspeteo
Last Updated: 28/03/13 10:29am
The Magpies reported on Wednesday a profit of £1.4million for the year to June 2012, their second successive year in the black, and are confident their model is working.
After years of boom and bust on Tyneside, that steady improvement has been greeted with a sense of satisfaction in the boardroom at St James' Park.
Llambias told the club's official website: "I think accounts should be boring - and these are boring, thank you.
"We are very happy we have posted a profit this year and we are delighted we are staying within our model.
"We will continue to stay within our model to provide decent players on the pitch and also to give affordable ticket pricing to our fans. It's working very well."
Things on the pitch this season have proved more difficult than last with injuries and a Europa League campaign making that top-five Premier League finish a distant memory.
However, owner Mike Ashley sanctioned a £31million January spending spree to address the issue, and that has paid dividends since.
Llambias said: "We could sit here and say, 'We have had a disastrous year, we have done this and we have done that'.
"It hasn't been an incredible season position-wise in the Premier League, but we are attacking the Europa League.
"It's been difficult because we didn't have enough depth in the squad, but I can now confidently say we are going to give it 100 per cent for the Europa League and we are going to give it 100 per cent to get as high up the league this year as possible.
"Going forward, we will expand our squad and year on year, we hope to be in a position of strength."
The arrivals of Moussa Sissoko, Yoan Gouffran, Mathieu Debuchy, Massadio Haidara and Mapou Yanga-Mbiwa have significantly strengthened manager Alan Pardew's hand, while the capture of Swiss teenager Kevin Mbabu demonstrated the Magpies' intention to continue to invest on promising young players.
That means the club, as Llambias insisted it would at the time, has reinvested all the proceeds of Andy Carroll's £35million sale to Liverpool, which helped to boost the previous year's profit figure to £32.6million.
Llambias said: "And more. It's been well and truly put back into the club. Whatever you say about that deal, it kick-started us into a different sphere."