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Aston Villa have cut their annual financial losses to £17.7million, according to figure released today.

Accounts for the year to the end of May 2012 revealed that the club had managed to substantially reduce losses by more than 50 per cent from almost £54million the previous year.

Operating expenses also went down by £20.3million to £138.4million because of “effective cost management.”

Internationals Ashley Young and Stewart Downing were sold during this period for a combined figure of around £35million resulting in increased player trading profit of £8.1million from £18.8m to £26.9m

In addition chairman and club owner Randy Lerner waived interest on loans totalling £107.1million made by him to Villa, which created a one-time benefit to the club of £20.3million.

Villa’s chief financial officer Robin Russell said: “By managing costs effectively, the club managed to cut losses by more than half during a period which continued to be challenging economically.

“In this respect, despite a disappointingly low performance level on the pitch in the 2011-12 season, these financial results represent a further step towards the club’s objective of long-term sustainability.

“Our objectives remain to compete strongly on the pitch and to achieve sustainability as well as compliance with both UEFA’s and the Premier League’s Financial Fair Play requirements.”