PREMIER League Charlton have announced a staggering £11.1 million profit for the year ended June 30, 2004.

The figure is heavily influenced by the £10 million sale of midfielder Scott Parker to Chelsea and offset by the £7.6 million already spent on new players plus a further £3 million used to re-negotiate existing contracts.

The figues show an actual operating loss of £500,000, though profit from player sales of £11.7million turned that sum into a net profit of £11.1 million.

In his annual report, Richard Murray, chairman of Charlton Athletic PLC, said: "Turnover rose this year by 21 per cent, generated mainly by increases in the basic distribution of television receipts from the collective broadcasting agreements and the additional proze money from the team's finishing position of seventh.

"Income from live BSkyB matches also rose as Charlton were featured in five matches, compared with four the previous season. The television and broadcast revenues received amounted to £26.2 million which represents nearly 62 per cent of the total turnover generated during the years and highlights how fundamental this source of revenue is to the company's financial performance."

The figures are sure to increase pressure on the club to spend big on players when the transfer window opens on January 1.