“Bobby has signed a new one-year contract,” chairman Freddy Shepherd said. “He’s got one more season to go after this season, which I think he’s happy with, and we’re happy with, so he’s here until the end of 2005.”

Asked if there was a possibility of Robson being handed an extension, he added: “Knowing Bobby, I wouldn’t be surprised by anything that happens. He’s a one-off.”

Shepherd’s confirmation came as the club announced interim figures for the half-year ended on January 31.

Newcastle’s failure to take advantage of their chance to qualify for the Champions League when they were knocked out against the odds by Partizan Belgrade last August took its toll, but with that in mind, the club’s money men were delighted with the overall picture.

Turnover fell by 15% from £56.2m (€84.3m) to £48m (€72m), while there was a reduction in total operating profit of £7.4m (€11.1m) to £4.6m (€6.9m) and in operating profit before player amortisation and trading of £9m (€13.5m) to £11.1m (€16.6m).

Television and braodcasting revenues fell by £7.4m (€11.1m) from £21.5m (€32.2m), but wages and salaries increased by only two per cent to £23.3m (€34.9m) and remain less than 50% of turnover.

Sponsorship revenue remained level at £5.2m (€7.8m), while sales of branded products grew from £4.5m (€6.7m) to £5.5m (€8.2m), a rise of 22%.

“We have today announced strong financial results which, despite non-participation in this year’s UEFA Champions League, demonstrate the significant progress that has been achieved both on and off the pitch in recent years,” said Shepherd.

“Our aim is to continue to compete at the highest levels in all competitions, and to deliver success for the fantastic support the Club receives.”

Newcastle’s progress in the UEFA Cup – they take a 4-1 first leg lead into tonight’s fourth round clash with Real Mallorca in Palma with either PSV Eindhoven or Auxerre awaiting the winners – has helped to offset the loss of Champions League football.

However, that does not disguise the fact that the aim for the current campaign remains to clinch a return to the European big time by pipping Liverpool and Charlton to fourth place in the Barclaycard Premiership and another chance to qualify.

On the playing side, the club handed England international Jermaine Jenas a new five-year deal and skipper Alan Shearer and Gary Speed one-year extensions which expire at the end of next season, while at the same time reducing the wage bill by offloading the likes of Carl Cort, Nolberto Solano, Nikos Dabizas, Diego Gavilan, Clarence Acuna and Wayne Quinn, while several of the club’s youngsters were sent out on loan.

Off the field, Newcastle have announced a joint venture with MGM Mirage to build a mixed-use development including a casino, and have been granted planning approval for another leisure development at St James’ Park.