Liverpool's Virgil van Dijk jumps to celebrate scoring his side's first goal during the English Premier League soccer match between Liverpool and Manchester United at Anfield Stadium in Liverpool, Jan 19, 2020. (JON SUPER / AP PHOTO)

LONDON - English Premier League leaders and current European champions Liverpool have seen their recent successes give the club's finances a massive boost, the club's annual report revealed Thursday.

Turnover for the year ending May 2019 reached a record 533 million pounds (US$686 million), the first time it has crossed the half-billion pound barrier. It was 78 million pounds (US$100 million) higher than the previous year, said the club.

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This continued strengthening of the underlying financial sustainability of the club is enabling us to make significant investments both in player recruitment and infrastructure

Andy Hughes, Chief Operating Officer, Liverpool

All three revenue streams saw rises, with media revenue increasing to US$336 million, commercial revenue increasing to US$242 million, and match revenue increasing to US$108 million.

The increased revenue enabled further investment into the playing squad, with a club record 287 million dollars invested on players.

"This continued strengthening of the underlying financial sustainability of the club is enabling us to make significant investments both in player recruitment and infrastructure," said Andy Hughes, Liverpool FC's chief operating officer.

"Being able to reinvest over 220 million pounds on players during this financial period is a result of a successful business strategy, particularly the significant uplift in commercial revenues."

Hughes added that the cost of football continues to rise in transfers and associated fees, but the consistency of the club's financial position enables it to live within its means and run in a sustainable manner. The report said the overall profit before tax for the period was 42 million pounds (US$54 million).

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The report added the club's international expansion plans have also grown with a new retail partner announced in Malaysia, shop-in-shop opened in Thailand and new sales channels on Amazon in the United States, Canada and Germany. Online orders were shipped to Liverpool FC fans in over 190 countries and regions.

Liverpool, under its current manager Jurgen Klopp, are close to being crowned Premier League champions, currently topping the table with 79 points, 22 ahead of its closest rival, Manchester City. It would be the club's first top-flight title since 1990.