Losses mount at Millwall

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Losses continue to mount at Millwall, with the first division club failing to make the progress it expected on generating extra revenues from non-football events at its new 20,000-seater stadium in south London. Turnover in the year to May declined from pounds 5.6m to pounds 4.3m and losses before tax rose from pounds 119,000 to pounds 584,000. The result would have been much worse but for doubled profits of pounds 3.5m from transfer deals.

Operating losses were sharply higher at pounds 3.5m, compared with pounds 2.1m in 1993/94. Investors remained negative about the company's prospects, and the already depressed share price eased 0.25p to 3.5p.