Southend United lost £707,665 during the financial year ending July 2002, according to the Third Division club's newly published report of accounts.

This shortfall represented a saving of almost £75,000 however, with the previous year's deficit coming in at £782,111.

And Shrimpers supremo Ron Martin was delighted with the figures, hinting at even better news. "This is the fourth year in succession we have reduced the losses, which is great progress," he

explained. "It was only four years ago that this club was losing £2.3million a season and in reality this year's total deficit was only £317,000.

"The rest of the loss consists of rent charges for Roots Hall and Boots and Laces, a sum of £390,000 which the club has never had to pay."

Blues' turnover fell by £90,643 to £2,787,236. But the previous year's results included £407,000 in payments from TV deals, which Southend, like all other Football League sides, lost in the wake of the ITV Digital collapse.

And Southend's vice-chairman Geoffrey King believes Blues can overcome the withdrawal of such funding.

He said: "The termination of these agreements has harmed a number of clubs within the Football League and Southend have not escaped unscathed.

"But work carried out in the previous two years to reduce players' wages and administration staff payroll costs have to some extent cushioned the blow."

Published Thursday, January 16, 2003

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