Albion have announced record-breaking profits after their best-ever season on the pitch.

The club made a gain of £122.8 million after tax for the 2022-23 campaign, in which they finished sixth in the Premier League and reached the FA Cup semi-finals.

It is their second successive season showing a profit and the figure has leapt spectacularly from £24.1m for the previous campaign.

The bottom line is the biggest after-tax profit ever posted by a British club, topping the £113m recorded by Tottenham for 2017-18.

The figures do NOT include transfer fees received from Chelsea for Moises Caicedo and Robert Sanchez.

Albion’s huge profit was partly down to sales including those of Alexis Mac Allister, Yves Bissouma and Marc Cucurella, as well as compensation for Graham Potter’s move to Chelsea.

The results allowed the club to start repaying chairman Tony Bloom for the huge financial backing he has given down the years.

They have reduced the balance of unsecured, interest-free loans from Bloom from £406.5m to £373.3m.

Albion made a profit on player sales of £88.6m.

They will continue to invest in infrastructure, with the new fan zone at the Amex likely to be completed this summer.

Chief executive and deputy chairman Paul Barber has also spoken about the ability to spend on the playing squad, although the club are not expected to move away from their existing recruitment model.

In a statement accompanying the accounts, Barber said: “We now have a very solid platform to continue to make significant progress on the pitch, by investing in our squad, and off the pitch by making the match day experience even more enjoyable for our supporters, all of which we believe will help us to continue to grow.

“The dream is to be regularly challenging for a European place and for silverware. We are very proud of Roberto, the work he and his staff have done, and of course the performance levels of our squad.

"As ever we are hugely grateful to Tony Bloom for his clear vision, his world class ownership of our club, and his ongoing financial support. Similarly, we are extremely fortunate to have a top quality board, who provide us with great stability and guidance; and top level staff in all areas of the club.

“Once again, on behalf of everyone connected to the club, I would like to thank Tony for his incredible and ongoing commitment."

Investment in the women’s team increased by almost £1m to £3.7m.