HEREFORD United have managed to cut their financial losses for the last financial year by almost £80,000.

Shareholders at the club's annual meeting were told that United reported a loss of £21,670 in the financial year ending May 31, 2002.

This compares with a deficit of £108,913 for the previous year.

A major factor in the reduced losses for last year included a run to the second round of the FA Cup, which featured a first round tie against Wrexham at Edgar Street that was televised live by the BBC.

The cash-strapped Bulls are still not out of the financial mire but they are getting their accounts back onto an even keel, to the extent that they now hope to stage the annual meeting for the financial year ended May 31, 2003 can take place later this year.

Club chairman and director of football Graham Turner said: "We have straightened out the accounts for the last financial year and we aim to hold the annual meeting in the next two to three months."

United started pre-season training this week in preparation for the new Nationwide Conference season, which opens at Tamworth on August 9.

One player who sat out the early sessions was striker Steve Guinan, who concentrated on rehabilitation work after undergoing keyhole surgery on a minor knee problem during the close season. He should step up his training next week.

The Bulls' opening friendly is a glamorous clash against Premiership new boys Wolves -- Turner's old club -- at Edgar Street on Monday week, July 14, which should attract a decent gate.

Coach Richard O'Kelly said: "The friendly games are coming up and they are a means to an end -- and the end is getting it right for the opening day at Tamworth.

"We are very happy with the group of players we have so far, and we can now focus on getting things right."