Portsmouth have recorded a loss of over £23m for the financial year ending 31st May 2007.
The club's wage bill increased to more than £30m as the playing staff at Fratton Park almost doubled.
The financial period covers the 2006-7 season, which saw Pompey secure their highest finish in the Premier League as they came ninth.
A Portsmouth spokesman said that the results were in line with the club's expectations.
The period covered saw Pompey sign 12 players as well as the change in ownership from Milan Mandaric to Sacha Gaydamak.
However, it does not cover the increased television revenue that kicked in this season.
The results again underlined Pompey's need to move from Fratton Park to a new stadium in order to boost attendances and their revenue streams.
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