Mr Ranson made the announcement to shareholders at the AGM on Saturday and told the CT: "The club have now passed the May 2008 accounts. It shows the club lost £8.5m.
"By May 2009, I'd like to think we'll have reduced that.
"The club is still losing money. All the major creditors have been written off or paid paid and SISU have invested a lot of money into the football club."