SUNDERLAND plc remains focused on achieving long-term, sustained success, despite reporting an operating loss of £181,000 for the six months to January 31.

And while developments on the pitch this season might not be so good, with the team currently in 15th position after finishing in the top ten in each of the past two years, developments around the Stadium of Light are really taking off.

The club's Academy of Light, aimed at grooming the young Wearside talent of the future, is set to open by the end of the year, while hotel developers are showing interest in plans to develop a five star venue next to the ground, linked to the town centre by a new footbridge.

John Fickling, deputy chairman of the plc, said the club's financial results had been adversely affected by a poor season on the pitch.

He said: "Performances on the pitch have affected our results off it and we acknowledge that some aspects of squad development have not worked out as we had hoped and we are working hard to correct this.

"Whilst our results have not met our aspirations this season that does not mean that any of our objectives have changed."

The club boasted pre-tax profits of £4.4m, up from £3.5m in the same period of 2001. This was largely due to the sale of players, up to £5m from £1.2m.

Players being shown the door included Don Hutchison who joined West Ham in September for £5m while the club also received income for the sales of Danny Dichio and Alex Rae. The club also added to the squad, bringing in internationals Bernt Haas, Claudio Reyna, Jason McAteer and Joachim Bjorklund, while Patrick Mboma joined on loan from Parma until June.

Mr Fickling said: "We are committed to investment and improvement of our playing squad as evidenced by our recent acquisitions. This summer up to seven of our current squad could be asked to represent their countries in the World Cup.

"Our investment in young talent is equally important to our long-term future. Sixteen of our young academy players have already won recognition at under 16 international level and we are striving to improve our record in this area.

"The Academy of Light development is progressing well and will be ready by the early part of next year.

"It will provide us with a magnificent facility for both first team and youth players, and ensuring that home grown talent feeds through to the first team will be a key factor in our future success."

Turnover for the six months was up by six per cent to £26.9m, spurred by the first full year of the new Premier League television contracts, particularly as gate receipts and programme revenues fell while operating expenses increased.

Television and media income increased 31 per cent to £9.9m, while Sunderland also benefited from increased sponsorship to the tune of £3.5m.

Looking ahead, Mr Fickling said: "The current season has fallen below the expectations of fans, players and management alike.

"Football clubs have cycles and there will always be ups and downs. Most importantly we are building a long-term sustainable business.

"Our ambition remains the same, to be a major force in English football. You can be assured that everyone at the club is doing their utmost to achieve this."