Tottenham Hotspur football club has announced an operating loss for the past financial year, but cut pre-tax losses by £4.6m from last year.

Reporting results for the year ending 30 June 2004, the club said it suffered an operating loss of £1.19m on turnover of £66.3m – down £200,000 on the previous year – a poor performance on the pitch hitting merchandising and TV income.

Profit before player transfers was £9.7m but the club’s heavy activity on the transfer market led to an overall loss of £1.6m.

The club’s chair, Daniel Levy, said: “We have continued to invest in the playing squad and training staff during the summer and we continue to pursue our objectives on and off the pitch.”

During the financial year, 17 players left the club and 21 new players were acquired.