CHAIRMAN Ken Davy today celebrated the "considerable progress" made by Town.

And he thanked staff and supporters for helping Town rise both on and off the field in his first year of ownership.

Town have reduced debts by almost £1m since Mr Davy's takeover and incurred a loss of only £192,000 while achieving promotion via the play-offs to Coca-Cola League I.

"None of this could have been achieved without the had work and professionalism of my fellow directors, the team manager and the playing and non-playing staff, including those at our Academy," said Mr Davy, in his first report on the trading of Capital Reward Ltd, who trade as Town at the moment.

"The bedrock of our progress, however, has been the strong support and loyalty of Huddersfield Town's outstanding fans.

"In the dark days last year the efforts of the supporters, co-ordinated in fine style by the Survival Trust (now the Supporters Trust) made a real difference to the club's chances of survival.

"All our supporters deserve heartfelt thanks, as well as our many sponsors, for their continued support, which is greatly appreciated.

"We are very pleased to have achieved such encouraging success in our first season.

"With our partners at the Galpharm Stadium, we confidently look to build on what has been achieved and raise further Huddersfield's Sporting Pride."

Mr Davy reported box-office and commercial departments had made "exceptional progress during the year" while lottery income had increased through On the Move and the Blue and White Foundation.

The Sporting Pride shop in the town centre - run jointly with the Giants rugby league club, also owned by Mr Davy - had made solid initial sales.

A revitalised Development Association had also benefited the Academy.