RAITH Rovers have announced financial losses of £162,000 for the year to June 30, 2011.
The club has blamed the figures on reduced income due to the economic recession, and results-based bonus payments that were higher than had been budgeted for.
The deficit, which followed a season that saw the club finish as runners-up in division one, was widely expected and led to sweeping cuts last summer.
The club’s balance sheet also shows a £1.4m debt, although it stressed that £1.2m of that simply stems from “intercompany funding from our holding companies” which is intended to capitalise over the next few years following the increase in authorised share capital, approved by shareholders in 2010.
A club statement read: “Shareholders and supporters will be aware that the board required to take appropriate corrective action last season, in order to prevent recurrence of this size of trading deficit and further re-alignment of projected income to expenditure has taken place during this close season.
“Whilst the new manager, Grant Murray, does have a lower budget than last season, the board has focused its efforts to ensure that we maximise revenue streams.
“We have done this by measures such as reviewing and restricting the issue of complimentary tickets, upgrading and refurbishing our main hospitality area to create a much more attractive venue for match day hospitality and other non-match day events, as well as revising our season ticket offerings, which has already resulted in an almost doubling of numbers from last season.
“Other income generating opportunities are being actively pursued as the season gets under way.
“There is a considerably more stable platform now than there was 12 months ago although there are still challenges remaining but, with the support of all stakeholders, the board is committed to taking the club forward in a responsible manner in what will continue to be difficult trading conditions.”