Crystal Palace chairman Steve Parish has announced that the club posted a record turnover of more than £90m in their first year back in the Premier League.

The Eagles, who gained promotion from the Championship in May 2013, surpassed all expectations last season by finishing in 11th place in the top flight.

Parish also revealed that the South London outfit's trading company, CPFC 2010 Ltd, made a pre-tax profit of a little under £23m pre-tax for the year ending June 30 2014, which is up from £3.5m the previous year.

Speaking to the club's official website, he said: "The improved profit stemmed mainly from increased broadcasting income, combined with prudent financial planning and management. Gate receipts grew as attendances increased and we also achieved record income from commercial activities, catering and hospitality. The club's £90.4m turnover was up from £14.5m in 2013.

"Broadcasting income accounted for £74.1m of turnover. During this accounting period, the club spent close to £26m of cash investing in players and infrastructure, acquiring the training ground, laying a new pitch with under-soil heating and developing the academy, as well as building modern bar and restaurant facilities whilst also improving catering areas at Selhurst Park.

"The profit from 2013-14 has largely been reinvested, with a further £22.3million spent on player acquisition (this figure includes compensation paid to Newcastle United when we hired Alan Pardew in January) and about £4m on various stadium and training ground improvements. We believe that these investments will continue to reap benefits for the club in the future.

"The size of last year's profit is unlikely to be repeated as first-team wages rise and we continue to strengthen the squad. However, I do expect to post a small profit this year."

Palace have built on their success from last season on the field, having all but secured another season of Premier League football.