Sign up NOW for our daily Villa newsletter direct to your inbox Subscribe Thank you for subscribing We have more newsletters Show me See our privacy notice Invalid Email

Aston Villa's latest accounts show that they made a loss of £3.9 million in the year ending May 2014.

It is a £47.9m improvement on the previous year when they posted losses of £51.8 million.

According to a statement on the club's official website, the reduction was due in part to a £33.2m increase in turnover to £116.9m.

There was also a £12.9m reduction in operating expenses to £121.7m, which resulted in an operating loss of £4.8m compared to £50.9m for the previous year.

A new broadcasting deal accounted for much of the increased turnover, although a boost in Villa's commercial and sponsorship revenues also played a part.

The club reports that the accounts also reflect the December 2013 conversion of £90.1m of loan notes into called up share capital.

Can you spot yourself in the Villa Park crowd against Stoke?

The consolidated balance sheet at May 31, 2014 shows net assets of £2.1m compared to net liabilities of £84.2m at May 31, 2013.

Robin Russell, chief financial officer, said: "We are very pleased to be able to report improved results after a period of heavy financial losses.

"By controlling costs we have been able to take advantage of the new Premier League broadcasting deal to bring the club closer to self-sufficiency.

"Compliance with Financial Fair Play continues to be a key component of our planning and we remain focused on growing the club in a responsible and sustainable way."