English National Opera has claimed it has reduced its £2 million deficit by around two thirds.
The company’s accounts for 2012/13 indicate that it is now left with a deficit of around £800,000.
In 2011/12, the company reported a £2.2 million loss, which it blamed on poor ticket sales and a cut to its arts council funding.
Arts Council England’s core funding for ENO, which is confirmed until March 2015, was £17.08 million in 2012/13 – a reduction of £1.3 million on the previous year.
Loretta Tomasi, ENO chief executive, said that the company’s box office takings for 2012/13 indicate a £1.3 million increase from the previous year’s.
She said ENO also expects to receive its ACE catalyst grant of £3 million, provided it raises £6 million over the next three years. Tomasi confirmed the company has secured 85% of this target so far.
Tomasi said: “In an environment where we had standstill funding we really feel quite positive about the coming year, particularly when I look at the 2013/14 season and the balance of productions together with the international collaborations we have on offer.”