Oli McBurnie’s sale to Sheffield United allowed Swansea to turn a substantial loss into a pre-tax profit of £2.7million for the financial year ending July 31, 2020.

The significance of McBurnie’s reported £20m departure is outlined in Swansea’s latest set of accounts, which are in the process of being filed at Companies House.

“A clear profit is very pleasing,” Swansea chief executive Julian Winter told the club website.

“Naturally, the club is still adapting to relegation from the Premier League, balancing the tricky conundrum of being competitive on the pitch and financially prudent off it.

“But an overall profit on the back of a loss the previous year shows a great deal of progress on the road to our overall business model of being financially stable.

“The reduction in parachute payments has, of course, been taken into consideration following a second season competing in the Championship.”

A club statement said the accounts included the sale of Scotland striker McBurnie but not that of Wales defender Joe Rodon, who joined Tottenham last October.

The initial three months of the Covid-19 pandemic, with no supporters at the Liberty Stadium from March 7, 2020, will be reflected in these figures.

No dividends were paid to shareholders during the financial year.

Swansea – who were relegated from the Premier League in May 2018 – announced losses of £7m and £3.2m in 2019 and 2018 and said all figures published are before taxation.

Turnover for the 12 months ending July 2020 was down to £50m compared to £68m for the previous year, largely due to the decrease in the club’s Premier League parachute payments.

Broadcast revenue was down to £38.9m compared to £51.6m the previous year, commercial revenue dropped to £2.6m from £3.4m, and matchday income fell to £4.8m from £6.5m.

Winter said: “While the economic effects of the Covid-19 pandemic won’t be clear until next year’s accounts are published, the initial period when competition was suspended and the subsequent drop off in matchday revenue is reflected in this latest set of figures.

“The club’s paramount focus remains being able to be financially stable for the long-term, not just for its supporters but also for its proud community.”