EAMONN McManus has warned that Saints must capitalise on the imminent move to their new stadium as he aims for greater financial security after accounts revealed the club suffered losses of £1.35m last year.

McManus described the heavy losses as “disappointing” in his chairman’s report for St Helens RLFC’s financial results for the year ending October 2010. He also appears to be braced for a difficult set of results by suggesting the decision to be based at Widnes this year (while the new stadium is being constructed at Peasley Cross) will put “further strain upon financial performance”.

Figures show operational losses grew significantly from £940,000 in 2009 to £1.35m last year, with the “outdated” Knowsley Road stadium and the recession contributing to the financial problems, according to the chairman, whose report is dated July 28.

However, he also remarked on it being “particularly disappointing that full advantage was not taken of the commercial opportunities” from Saints’ last year at Knowsley Road.

The losses though are not surprising with McManus, whose investment has been crucial to the club’s survival, repeatedly stressing in recent years that a move to a modern home is a must for Saints’ long term financial viability.

His report also revealed the sale price of Knowsley Road had to be renegotiated to a lower sum.

McManus wrote: “The value of Knowsley Road was written down by £1.625m to reflect the ultimate renegotiated price of its sale to Taylor Wimpey, the timing of which was necessitated to meet the timetable of the move to the new stadium.

“However there will be a significant increase in fixed assets once the club takes title on the new stadium.”

He stated the losses continued to be funded “by way of directors’ loans” but said the new stadium – being built alongside a Tesco Extra supermarket as part of a £44m development at the former United Glass site at Peasley Cross – should embolden the club’s finances.

He added: “A financing package has been agreed and will be put in place in 2011 to enable full financing of the stadium and its fit out.

“The new stadium will transform the club’s balance sheet and present us with new and enhanced revenue opportunities which must be fully exploited.”

McManus’s final sentence places emphasis on Saints getting their business model right off the field as well as maintaining their place at British rugby league’s top table.

The new stadium is set to boast significant facilities for corporate and conferencing events.

The club, which kicked off its drive to sell season tickets for 2012 this week, will be keen to boost attendances significantly at a stadium, which will have a capacity of just under 18,000.

The directors’ report stresses the importance of expanding the Saints brand to “a greater geographical area” and boosting sponsorship revenues.