The club said poor performance on the field and poor management decisions were to blame for £20.6m losses over the 12 months, which left the club £36.1m in debt.
Said chairman Bryan Sanderson: “My first task is to apologise to them [the shareholders] for a failure to deliver the prime objective of any football club - success on the field of play."
A high spending transfer strategy in a bid to retain Premiership status was cited as the core reason for the losses.
Sanderson says, however, the club has turned the corner and forecasts improved results.
