Aston Villa's chief financial officer Robin Russell has insisted that the club are "pleased with the positive trends" in their financial performance, despite announcing losses of almost £54m for the year ending May 31, 2011.
The club's overall group loss has increased from £38m, but the figures do not include the sales of Ashley Young and Stewart Downing to Manchester United and Liverpool respectively, or the acquisition of Darren Bent from Sunderland.
Villa did announce record revenues, however, with commercial income increasing by 15.9% year on year.
"Given the challenging economic environment that we have been experiencing in the West Midlands and indeed globally, we are pleased with the positive trends in our financial performance," said Russell.
"The board of Aston Villa are confident that the actions taken since the end of the 2010-11 financial year have galvanised the long-term sustainability of the club and have also given us a better financial platform on which to build for future success.
"Our objectives are to compete strongly on the pitch and to achieve sustainability as well as compliance with UEFA's Financial Fair Play requirements."
Villa travel to Blackburn Rovers in the Premier League on Saturday.
Matt Law
