If any club knows the pain of financial mismanagement it is Leeds, who were saddled with debts in excess of £100m during the troubled chairmanship of Peter Ridsdale.

Leeds have gone from Champions League semi-finalists to League One status in less than a decade, but Harvey believes their latest financial performance is tangible proof of a club looking forwards – not at the problems of the past.

His comments come after Leeds recorded a profit of £4,553,000 during a 14-month period to June 30, the club making an operating profit before player trading of £902,000 from a turnover of £23,249,000.

"The time has come to end any comments about the Ridsdale era and the management at that time," said Harvey.

"What we now need to focus on is what we are doing going forward and getting this club back to where it belongs.

"People still talk about how Leeds have fallen from the heights and, whenever another club gets into financial difficulties, you can be sure that our name will crop up somewhere.

"We've been the subject of much debate among fans and financial analysts but it's what we do in the future that matters, and these latest figures are a step in the right direction."

Harvey, chairman Ken Bates and all the staff at Leeds can be hugely satisfied with their financial performance at a time when many clubs are grappling record losses.

But Harvey pledged Leeds would not rest on their laurels.

"The figures are good but we won't be complacent because we know there is still plenty of hard work to do," he added.

"Times are hard at the moment across the board, and the strengths of last year will help us take on the undoubted challenges of this year, but it's an ongoing process.

"We haven't got millions of pounds swilling around in the coffers, but we're no longer in a position where we need to sell players to meet financial demands and we can strengthen the squad if that's what we need and choose to do.

"We're certainly not looking to have to make any cuts, which I think is going to be in stark difference to the majority of clubs, and these financial results are basically the work of everybody – the club's staff, and also those fans who have turned up to support us week-in, week-out."

Harvey stressed Leeds's on-field priority was to gain promotion to the Championship as quickly as possible, while at the same time strengthening the club's academy.

Off the field he said the board had identified the re-purchase of the Thorp Arch training facility and Elland Road within the next 12 months as vital next steps, with Leeds also seeking to gain planning consent for the development of the East Stand.

Leeds's coffers were boosted by compensation for managerial duo Dennis Wise and Gus Poyet as they left for Newcastle United and Tottenham, respectively.

The £1.5m sale of David Healy to Fulham headed a string of player exits which also included Richard Cresswell (Stoke), Robbie Blake (Burnley) and Danny Rose (Tottenham).

Harvey added: "Our club has been through hard times and has had its problems, and it was nearly lost for everybody who cares about it. But the most important thing now is that we keep looking forward and this financial performance gives us something positive to build on."