PARTICK THISTLE have announced an £8,000 profit for the last financial year – a turnaround of around £125,000 from 12 months ago.

The Jags hierarchy have overseen a dramatic change in fortunes off the field in recent months, with the profit coming just a year after the Irn-Bru First Division club posted a loss of £117,000.

The key contributor to the financial results has been a massive cut in the money paid out in wages, with more than a quarter of a million pounds being slashed from the wage bill in the last year.

Thistle had recorded six-figure losses in recent years but the new board, headed by chairman David Beattie, have stemmed the tide as they attempt to return the Firhill club to a sound financial footing.

The loss of income from the Glasgow Warriors will provide a major challenge next year, but Beattie, who hosted the club's AGM last night, is pleased with the progress that has been made.

"We have turned a big loss into a small profit and that is the way we have to try and run the club in the future," Beattie told SportTimes.

"The loss of the Warriors playing at Firhill is going to be a major issue for us to try and resolve over the next year.

"We have implemented a range of cost cutting measures over the last few months.

"Our turnover is down as well. It has been very challenging but progress has been made.

"We received a bit more money from the SPL and SFA last year, which has helped.

"Our wage bill has been reduced from £977,000 to £708,000 so that has also been a significant change for us."