MADRID: Real Madrid have announced further improved financial results for the year 2015-16 season with a €620.1m annual revenue, a 7.4pc increase over the previous year.

The European champions reported a pre-tax profit of €43m and their liquid assets have also increased, wiping out last season’s net debt of €95.8m.

Their net worth increased by a total of 30.1%, as reported by a statement on the club’s website. The accounts will officially be submitted at an Ordinary General Assembly on the 23rd of October 2016 called by the Real Madrid Board of Directors.

The club noted a position of “maximum solvency”.

The report said: “The operating result before repayments and player transfers (‘recurring EBITDA’) has risen to 163.2 million euros, which is the highest figure ever reached by the club, representing a 26.3% increase on revenue figures and a rise of 20.9% on the previous financial year.”