SWINDON Town continue to head in the right direction financially under Lee Power, according to abbreviated accounts released today.

Having brought down their annual losses to below £89,000 last year, this year’s accounts, which cover the period between May 2015 and May 2016, show that Power has slashed the club’s debt by more than £1.5million.

The year’s accounts to May 2015 showed Swindon Town Football Company Limited had net liabilities of just over £6.5million, which had been cut to under £5million during the course of the year to May 2016.

The abbreviated and unaudited accounts support Power’s claims that he is putting the club back on an even keel, with the club recording losses close to £3.1million just three years ago.

The reason behind the improved figures could be put down to the club’s business in the transfer window in the summer of 2015, with Massimo Luongo, Ben Gladwin and Nathan Byrne all departing for sizeable fees, along with Power’s self-confessed trimming of the playing budget, with some of the club’s highest earners like Wes Foderingham and Andy Williams being released by the club.

Town’s play-off final appearance at Wembley at the end of the 2014/15 season is also likely to be factored into the latest figures.

However, the accounts to May 2016 also show that the club's cash in the bank dropped from more than £780,000 to just over £56,000, with the club's tangible and intangible fixed assets also falling substantially by around a half.

At May 31, 2015, Town’s net book value stood at £113,125, but as of May 31, 2016, it has been recorded at just £57,094, another reflection on cuts made to the squad in that time.

The club also owe creditors £2.95m to creditors, with £2million falling due after more than one year, and £950,000 falling due after more than five years, not by instalments, a figure that has not changed in the last year.

Swindon Town did not respond to the Advertiser's request to comment on the release of their accounts.