Liverpool made a loss of over €60 million in their last financial year but managing director Ian Ayre insists the club are heading in the right direction with reduced debts and record turnover.

Figures released for trading up to the end of May 2013 show the Reds made a loss after tax of €60.3 million.

The previous year the deficit was €49.1 million , but that was for a 10-month period as the club re-aligned their accounting period with the football season.

But with turnover increasing by nine per cent to €250 million and external debt down by 29 per cent to €55 million — courtesy of an interest-free, inter-company loan from owners Fenway Sports Group — Ayre is upbeat about their future performance.

This year’s finances will be boosted by a huge new television deal while the club, second in the Premier League table and six points clear of fifth-placed Tottenham, are on course to qualify for the Champions League.

“These results demonstrate that the financial health of the club continues to make good progress as we continue our journey to transform the club on and off the pitch,” Ayre told the Liverpool Echo.

“With a hugely supportive ownership group, we have taken a measured approach to bring back financial stability to this great club by ensuring it is properly structured on and off the pitch.”