The club was in the red to the tune of around £2.35m last year but that figure has now risen by £820,809 despite the Taysiders clinching last season’s Scottish Championship crown.
The losses for the 12 months up to 31 May come two years after the club was unexpectedly promoted to the top flight on the back of Rangers’ liquidation. In the report, the Dee board admits it did not cut its cloth accordingly after lasting just one year in the Premiership.
They also had to fork out substantial sums after axing former boss John Brown last February in order to bring in Paul Hartley from Alloa, who steered the club back to promotion.
Their statement said: “Clearly our cost base did not fall sufficiently in 2013/14, as our revenue following relegation from the SPL dropped by over 18 per cent while our operating expenses actually increased. We had a significant playing budget during the year and a larger management expense than we have now. Plus there were also a number of one-off payments to several members of staff who left the club.”
The directors added: “We continue to make steady progress as a club and are working hard within a totally debt-free environment to reduce our net balance sheet liabilities and to build our club again on a firm financial footing for the future.”
Meanwhile, Hartley’s side will hope to extend their eight-game unbeaten run in the league today when they visit a Ross County side who are fighting relegation but have managed to get themselves off the foot of the table.
Hartley said: “I think this is a really hard game for us. It’s a challenge we will have to be ready for from the word go.
“We know we will have to be at our best to win and three points is what we’re going there for.”
Dundee have propelled themselves into the top six in recent weeks with the clear intention to stay there between now and the end of the season.
And Hartley said: “We believe this is a vital match if we have any aspirations to stay in the top six. So from that point of view, this game is critical for us.”