Barcelona on Thursday revealed post-tax profits of 304 million euros ($321 million) for the 2022/23 season, higher than the forecasts of the Spanish giants who are seeking to consolidate their financial situation.

The club, which predicted revenues of 859 million euros for the current season, “closed the 2022/23 financial year with a net profit of 304 million euros after tax, higher than that approved in last season’s budget,” Barca said in a statement.

A profit of 274 million euros had been budgeted for 2022/2023, 30 million euros lower than Thursday’s figures.

The club also said that net debt had been reduced from 680 million euros in June 2021 to 552 million euros last year.

For the current 2023/24 season, Barcelona have forecast a pre-tax profit of 11 million euros.

“The club has improved in all sectors of activity,” added Barcelona, highlighting commercial interests such as ticketing, sponsorship and merchandising.

Barcelona club shops recorded sales of 100 million euros, described as “an absolute record”.

Under financial fair play rules, the Spanish league oversees strict controls over club spending on salaries and player transfers.

Two weeks ago, Barca’s spending ceiling was reduced to 270 million euros.

Barcelona’s previous limit was 649 million euros, a figure inflated by the sale of future television rights income among a series of financial “levers” the club pulled.

The punishment for exceeding the limit is being put under the division’s spending cap, in which Barcelona will only be allowed to use around 50 percent of income to improve their squad, until they make cuts to fall under the new limit.

The current situation means it is unlikely Barcelona will conduct significant transfer business in January, with further cuts needed if they are to be in a position to reinforce next summer.

This is despite the departures of Sergio Busquets, Jordi Alba, Ousmane Dembele and several other players.