Norwich City have announced a pre-tax loss of £14.4m for the 12-month period up until June.
The figure is a big improvement on the previous year when the Championship club's loss was £27m.
Norwich made a £13.4m profit on player sales, but annual turnover was down to £73.1m as a result of being in the second and final year of parachute payments following relegation from the Premier League in 2022.
Executive director Zoe Webber said the club was "moving positively" through a "significant period of transition and change" that was "unprecedented" in her time at Carrow Road.