Kilmarnock "must do better" according to outgoing chairman Jim Mann, after he announced a loss of £724,406 for the year to 30 May 2015, representing a rise in losses from £453,272 the previous year.

Mann stated the club’s desire to attract new investment as he blamed a lower than expected league finish last season as well as falling attendances for the disappointing financial results.

He said: "Losses on this scale are unsustainable in the longer term, and urgent action is being taken to stem them and to increase income via season ticket and match-day pricing.

"In a recent BBC Scotland survey, we were shown to be the least expensive Premiership club to support in a number of categories.

"Despite this, attendances and season ticket sales have continued to fall and this is a major concern for the club."

Killie announced a deal to reorganise their finances that left them debt-free in March 2014, but they are struggling in their quest to become a self-sufficient club through controlling costs and attracting higher attendances and season ticket sales through success on the pitch.

The Rugby Park side currently occupy the relegation play-off position in this season’s table and attendances have continued to prove disappointing.

"Our report card on this would read, must do better, and this is clearly the major focus for the board," Mann added.