Blues finally move out of the red

David Sheepshanks has praised the team's morale

Ipswich Town Football Club has announced operational profits a year after leaving temporary administration.

The club made an operating profit of just under £1.75m, which is a major factor in reducing an overall loss after tax from £7.75m to £480,000.

A payment from the Premiership, the successful share issue and a reduction in the player wage bill have all helped the club move out of the red.

The club says a commitment to reduce costs has turned its fortunes around.

Chairman David Sheepshanks said all the hard work had paid off.

"Sometimes people make a lot of the fact that we've got a small squad and we can't afford injuries or, God forbid, suspensions," he said.

"But by the same token there are pluses - the team spirit, the dressing-room morale is very high, they all know we've got a chance and we're doing really well.

Ipswich currently lie third in the Coca-Cola Football League Championship.