The Royal Opera House increased its income last year by 12 per cent to £127.5m, according to its annual report and accounts for the year ending December 2014.

Income was up from £113.9m the previous year, the accounts showed.

Much of the increase came from ticket sales – with “operation” of the opera house, including box office sales, rising by £7.8m, from £44.3m to £52.1m.

Some 1.5 million people experienced a live performance last year, according to the annual report.

Some 45 per cent of main stage tickets were priced at £50 or less and 17,500 low cost tickets were provided through targeted schemes for families, schools, students and isolated older people, the report said.

Ticket sales for both opera and ballet rose significantly. Income from the Royal Ballet was up by £1.5m from £12.8m in 2013 to £14.3m last year. 

But the cost of productions also rose from £97.1m in 2013 to £104.6m last year. Total expenditure last year stood at £123.7m.

Funding from Arts Council England also rose, despite a year of funding cuts for the grant-giver. Last year the opera received £4.4m - £1.5m more than the previous year.

Simon Robey, chair of the Royal Opera House said: “It is a matter of enormous pride that we have achieved a better than break even financial outturn this year, while sustaining quality and extending our audience reach.”