Mike Ashley's Newcastle is fast approaching the break-even point after reporting an operating loss of £3.9million.
The Magpies, who lost £33.5million in 2009-10 and £37.7million 12 months earlier, reduced those figures to below £4million after amortisation in 2010-11, their strongest financial showing for several years.
Significantly, wages accounted for 60.6% of a turnover which rose by 69% from £52.4million to £88.4million, where in 2008-09, the season they were relegated from the Barclays Premier League, the ratio was 82.7%.
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