Increased wages caused profits before player trading to fall at the Birmingham-based sleeping giant, which finished in the black for the year to 31 May thanks to profits on player sales. Chairman Doug Ellis said 'salaries continue to rise at a rate generally unheard of outside the football industry' as Villa reported that its wage bill had spiralled by 16% to £3.1m. In addition, total overheads including salaries rose by £4.7m, causing operating profit before player amortisation and trading to fall to £4.3m (£5.4m). Directors admitted that these profits would have been insufficient to meet the £11m charge for amortisation of the playing squad, had it not been for player sale profits of £6.5m, boosted from £1.2m the previous year. Pre-tax profits were £138,000 compared to a £4.85m loss. Encouragingly, sales rose from £35.8m to £39.4m despite the inability of the team to repeat its cup exploits of the previous season, and the loss of income from the Trinity Road Stand, which was closed for redevelopment work for part of the season. Ellis commented that the board was 'extremely disappointed at the level of the share price' - a problem that 'is not exclusive to Aston Villa' but rather 'a football industry phenomenon'. The share price reversed by 3p to 170.5p in early trading. Villa's 52-week high is 395p and the low 150p.