CHARLTON have announced a net loss of £1.7 million for the six-month period ending December 31, 2004.

Figures also show an operating loss of £500,000. Turnover was £19.5 million - a drop of eight per cent on the comparable period to December 31, 2003.

"These figures are broadly in line with our forecasts," Charlton plc chairman Richard Murray admitted.

He cited the reduction in television revenue as the chief reason for the loss and explained: "The fall in turnover arises from a reduction in the amount of broadcasting revenue received from the Premier League in respect of domestic and overseas broadcasting rights.

"Our costs have also risen owing to the increase in personnel costs, which now represent 73 per cent of our total turnover. I am confident that the second half of the financial year will see an upturn in our financial performances."

In his report, Mr Murray singled out the success of the recently introduced Valley Express cut-price coach service, which brings Kent based fans to The Valley on matchdays, as a reason for future optimism.

He said: "This has been most successful with in excess of 1,000 supporters regularly using the service."