Gillingham have released their latest financial figures which reveal the club has reduced their debts but they still owe more than £3million.

The figures for the year ending May 31, 2009 show that the club have a £3m-plus debt, the majority of that is in the form of an informal overdraft from the club’s bankers, HBOS.

That overdraft has dropped in the past 12 months from £3.5m to £3.085m. This, however, is a facility that is based on ongoing budgets and cash flow projections and can be recalled at any time, something that is unlikely while the club remains stable.

The club made a loss of £255,689 in the year, an improvement on the £1,654,173 the year before.

Gills chairman Paul Scally, pictured, is remaining in bullish mood and hopes that with new investment the only way is up.

He said: "The company achieved an increased operating profit compared to that of the previous year. Profit before depreciation and bank interest was almost £420,000 compared to around £400,000 in the previous year on a marginally reduced turnover.

"In difficult and testing times, in which many clubs are facing huge financial difficulties, it is comforting to note our prudence in trading and cost control which will stand us in good stead as a business.

"Looking to the future, we are optimistic that we can continue growth and consolidate our financial position and our short term aims remain that of returning the club to Championship status.

"With the right investment restructuring of the business we remain of the view to achieve Premiership status."

The club’s net debt, as of May 31, 2009, stood at £3,191,083.

The number of players in the year went up from 40 to 41 but player and management salaries dropped by almost £90,000 to £1.82m.