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Poor performances on the pitch has seen the club's attendance fall, contributing a loss of £600,000 compared with the same period in 2004, and despite the sales of four key players last summer - Darren Ward, Danny Dichio, Paul Ifill and Peter Sweeney - the losses are greater than the equivalent six months in 2004.
Chairman Peter de Savary, who arrived in a blaze of glory promising new signings and a new dawn - has vowed to continue to cut costs.
"Further reductions will be sought and, as ever, the option of player sales remains open to the board," said De Savary in a statement to the London Stock Exchange.
"Should relegation to League One occur, the Board have contingency plans in place to take account of this change of status.
"With 13 players' contracts expiring during the close season, we are in a strong position to plan the size of our squad accordingly.
"However, our primary aim, given such an eventuality, would be to resource a strong challenge for automatic promotion in 2006-07."