Efficient study.

As a player who is relatively new to chess (I have been playing for a year a bit)I have been wondering what sort of material I should be studying to make efficent progress, without devoting huge amounts of time. Could anyone advise me in the right direction. Currently my study involves playing lots of games and a little bit of chess tactics.

Playing games and solving tactics is pretty much covering everything. You can give this a shot for endgame study.

http://www.chess.com/article/view/video-series-on-king-and-pawn-endings

Looks like you're doing just fine already.  The one thing I'd do differently is maybe take NM aw-rats's advice a little more seriously (since you already belong to his group) and play a few more correspondence games ("online"). I see that you're already playing slow chess which is great, but correspondence games allow even deeper thought.  Essentially you get to analyze your game while you're playing as well as after.  Well, you've already watched his videos I'm sure, and he does a better job of explaining than I can, although I'm not sure you have to spend several hours on every move.  Chess Mentor is a very efficient tool to study with although it's important to go back and review the lessons.  Some of the early courses don't give you much feedback, but almost all of the later ones do.  

Thanks very much guys I appreciate the advice :)