Tottenham Hotspur this morning announced record turnover and profit for the last financial year.

Last year's Uefa Cup campaign, when Martin Jol's side reached the quarter-final stage, and successive fifth-placed Premier League finishes, led to the club posting a turnover of £103.1 million for the year ending June 30, 2007, up £29 million on the 2006 figures.

The club's profit before tax increased massively to £27.7 million from £600,000.

Daniel Levy, the Tottenham chairman, insists the club will continue to prioritise investment in team personnel plus stadium and training facilities. "All parts of the business have continued to perform well to produce record revenues and profits," he said in his chairman's statement.

"Cash generation has been strong. Our priorities for the club are focused on continued development of the first team where we have built an exceptionally talented squad, progressing our state-of-the-art training centre and the development of an improved, larger stadium."

Meanwhile, Tottenham have confirmed Paul Kemsley, the vice-chairman, has left the club. Levy revealed Kemsley has resigned from his position as non-executive chairman to focus on his business interests in the United States.

"It is with regret that I announce the resignation of Paul Kemsley as non-executive vice chairman of Tottenham Hotspur Football & Athletic Co Ltd with effect from this year's forthcoming general meeting," Levy said. "Paul has recently expanded his property business interests in the United States and feels that inevitably his time spent overseas will impact upon his ability to fulfil his role with the club. Paul has worked with me for the past six years at the club and I thank him for his advice and counsel during this period."