Liverpool have announced turnover of £533m for the 2018/19 season end 31 May 2019, up £78m on the previous year and representing a huge success for the club off the pitch as all three revenue streams – commercial, media and match – grew.

Despite investing a record £223m in new players through four major transfers and 11 new contracts, Liverpool’s pre-tax profit for the period was £42m.

Liverpool FC v Southampton FC - Premier League

Media revenue was boosted by £41m to £261m, largely as a result of a new ​Champions League broadcast deal that came into effect last season. Liverpool also saw an increase of £34m in their commercial activities compared to the previous year, and £3.4m for matchdays.

“This continued strengthening of the underlying financial sustainability of the club is enabling us to make significant investments both in player recruitment and infrastructure,” chief operating officer Andy Hughes explained to the club’s official website.

“Being able to reinvest over £220m on players during this financial period is a result of a successful business strategy, particularly the significant uplift in commercial revenues.

“The cost of football, however, does continue to rise in transfers and associated fees but what’s critical for us is the consistency of our financial position, enabling us to live within our means and continue to run a sustainable football club.”

UEFA Champions League"Tottenham Hotspur FC v Liverpool FC"

With Liverpool also growing their digital following by 26% in 2018/19 and enjoying 6m more social media engagements than any other club, Hughes described a ‘sustained growth across all areas of the club’, which is mirroring the Reds’ success on the pitch.

Liverpool are also in the process of continuing to redevelop of Anfield, while images for a new state of the art training ground set to open this summer were recently released.

In 2020/21, Liverpool have a lucrative new kit partnership with Nike to look forward to, which promises to give the club an even greater standing in worldwide markets.

For more from Jamie Spencer, follow him on Twitter and Facebook!