Portsmouth moved closer to profitability in the financial year 2007/08 and have set a target of breaking even in time for the 2011/2012 season.
Last year losses amounted to £16.66 million, which is an improvement on the £23.45 million figure recorded in the previous set of results.
Turnover increased from £40 million to £70 million thanks largely to the improved terms offered in the new Sky TV contract.
However, the club was also boosted by an increase in retail operations, sponsorship, match revenues and hospitality.
On-the-field success further helped Portsmouth's cause, particularly the club's FA Cup win last year.
While this has helped to reduce the proportion of turnover accounted for by the wage bill, at 77.6 per cent Pompey are still some way short of where they would like to be.
"The club's aim is to reduce the wage bill further to fall in line with the Premier League guidelines of just over 60 per cent of turnover," Portsmouth said in a release which appears on the club website.
"The club... is on course to break even by the time Fratton Park is redeveloped to accommodate 30,000 fans by the season 2011/12."
Pompey currently lie 16th in the Premier League table, although they have a game in hand on their immediate rivals.
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21 October 2010
21 October 2010
21 October 2010
20 October 2010
20 October 2010
