Everton's net loss has risen from £5.5m to £9.1m in the 2011-12 season, the Premier League club has revealed.

The wage bill, up from £58m to £63m, accounted for 75% of the overall turnover, according to the club's accounts released today.

Despite the announcement, chief executive Robert Elstone has said that the figures show the club's commitment to improving its performances.

"The club have demonstrated our commitment to first-team success with increased expenditure on player wages," the Evening Standard quotes Elstone as saying.

"To get through a challenging year with only minimal increases in overall debt whilst at the same time, based on the opinions of many experts, strengthening our first-team squad is testament to the skill, hard work and commitment of everyone here."

Everton are currently fifth in the Premier League.