Kilmarnock Football Club saw its profit fall sharply for the year ended May 31, 2007, but the business still managed to stay in the black, according to the latest financial report from Companies House.

Profit for 2007 dropped to £52,487 from £126,734 but chairman Michael Johnston applauded the club's financial performance because it was achieved without obtaining a major transfer fee.

He praised Killie's playing squad and management, saying "no accolade is too great".

He added: "To achieve a consecutive fifth place finish in the Scottish Premierleague above our nemesis in the League Cup final - Hibernian FC - is worthy of the highest praise."

The balance sheet showed that turnover for 2007 jumped to £8.06m from £7.39m in the previous year.

Johnston said the other elements in the company - the Park Hotel, the Player Sports Bar, the Killie Shop, the Kilmarnock Fitness Centre and the community coaching department - all contributed to a sound financial result.

Killie, which was founded in 1869, managed to cut its bank overdraft to £2.87m from £3.54m in 2006, according to the report from Companies House.