A top seven finish in the Premier League, coupled with the big money departures of Michael Keane and Andre Gray, helped Burnley post record profits of £36.6m.

The figures, for the final year ending June 2018, beat the previous record of £30.1m in June 2015, and an increase of more than £14m from the previous season.

Wages grew from £61m to £81m, an increase of £20m on the previous season, while the club say this was also down to ‘increased bonuses for players and coaching staff, following the highest league standing in over 40 years’.

Turnover increased from £121m to £138.9m for the season 2017/18, largely due to increased prize money for finishing seventh, with the increase in net profit largely due to the sales of Keane and Gray to Everton and Watford respectively.

Match income fell from £5.84m to £5.6m, catering increased from £2.41m to £2.61m, retail sales grew from £1.66m to £1.88 and other commercial activities increased from £6.28m to £7.36m.

In a statement to shareholders, posted on the club website, Chairman Mike Garlick said: “Following the successful retention of our Premier League status at the third time of asking in 2016/17, I felt it was absolutely essential that we should avoid the dreaded 'second season syndrome' and, as a result, we continued to invest in new playing talent whilst trading players where we felt that they might be at, or close to, the peak of their value.

“As we hopefully continue to maintain our Premier League status going forward, the above will form a key part of our strategy and, in the main, we will purchase players who improve the quality and competitiveness of our first team and are able to technically develop further and grow in value.

“Sean (Dyche) and his coaching team performed magnificently throughout the season, inspiring our team to a seventh place Premier League finish and resulting in our first appearance in a European competition for over 50 years.”

He added: “The Premier League ‘wages league’ is one we are certainly not bottom of anymore, but we believe our wage structure gives a high level of flexibility for all scenarios and a competitive edge for our players and management to continue to drive our great club forward.

“As always, we continue to keep a close eye on our cash flow position as, despite the above impressive figures, with poor cash management we could easily fall into a negative cash flow position.”