Liverpool FC today announced that growth and financial progress continues to be made as it filed its annual accounts for the year to May 31, 2015.

All three main revenue streams have continued to grow and the club has reported a profit for the second consecutive year, although this is mainly as a result of the sale of Luis Suarez in July 2014.

Since Fenway Sports Group (FSG) took ownership of Liverpool FC in October 2010, revenue has steadily increased year on year and the club continues to operate in a sustainable manner despite the cost of football continuing to rise. During this reporting period, FSG continued to invest in the club by converting £69m of debt into equity and investing £49m into the initial stadium expansion costs.

Ian Ayre, chief executive officer at Liverpool FC, said: "We continue to make solid financial progress and reported growth in our commercial, media and matchday revenues, which continues to add strength to our financial position.

"Last year we saw a small profit for the first time in seven years, which demonstrated our recent progress. This year the profit reported has significantly increased, which is mainly a result of the sale of Luis Suarez in July 2014 and that has already been reinvested into the playing squad. Our real financial position is closer to break even and it is the underlying revenue growth that’s important and provides us with the long-term stability."

The club’s commercial revenue increased by 12 per cent to £116.3m following the announcement of 12 new partnerships and renewals, as well as opening 180 new retail outlets around the world including one standalone store in Malaysia.

Media revenue also continued to grow from £100.9m to £122.6m due to participation in the 2014-15 Champions League and progressing to the semi-final stages of both domestic cup competitions. Likewise matchday revenue increased by 15.9 per cent to £59m as a result of additional ticketing and hospitality revenue from the additional fixtures.

The club also continued to expand its fan engagement reach, launching four new digital and social media platforms including dedicated accounts in Finland, Italy and South Korea, which continues to demonstrate the club’s ever-increasing global appeal.

On the pitch, LFC’s playing squad included the signings of Adam Lallana, Emre Can, Dejan Lovren, Divock Origi and Alberto Moreno while renewing several key contracts with Jordan Henderson, Philippe Coutinho, Kolo Toure and Jordon Ibe. Young player development is also an important part of the club’s football strategy and during the reporting period, 18 Academy players were offered professional contracts.

Ayre added: "These results are almost a year old now but all areas of the club have continued making good progress and growth.

"The cost of football is rising with the increase in player transfer fees and wages but our ambition remains the same and we have continued to invest in strengthening the playing squad since the reporting period.

"The new Main Stand at Anfield is another significant investment by this ownership which is vital to the health of the club and part of our long-term strategy to ensure we remain competitive and sustainable."

Financial summary

• Revenue increased by 16.5 per cent to £297.9m.

• Media revenue increased by 21.5 per cent to £122.6m.

• Commercial revenue increased by 12 per cent to £116.3m.

• Matchday revenue increased by 15.9 per cent to £59m.

• Profit before tax was £60m compared to £0.9m in 2014.

• FSG converted £69m of debt into equity and invested £49m for stadium expansion costs.

• Liverpool FC maintain ninth position in Deloitte Money League.