London - Liverpool on Monday have revealed their annual financial report showed the Premier League club have recorded a profit for the first time in seven years.
Figures released for the financial year ended May 31, 2014 show the club made a pre-tax profit of £0.9 million, which is a considerable improvement on the £49.8 million loss of the previous year.
The figures underline the progress the club have made since their takeover by Fenway Sports Group, the American investment company run by John W Henry, in 2010.
FSG inherited huge debts from previous owners Tom Hicks and George Gillett and saved the club from financial catastrophe.
The latest figures, which show a 19 per cent rise in revenue, also come just a week after the club were cleared of breaching UEFA's Financial Fair Play regulations following an investigation by the European governing body.
On the negative side, the club's net debt has increased by £12.2 million to £57.3 million.
Revenue has increased year on year under FSG, with the latest increase to £255.6 million attributed largely to a rise in income from the Premier League's TV deal.
The club list TV money in a media revenue category, which overall has risen by 46 per cent to £100.9 million.
Commercial revenue has also increased by five per cent to £103.8 million with the club having tied up seven new partnership deals.