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Hearts announce £2.9m profit after "exceptional donation"

Hearts announce £2.9m profit after
© Reuters
The club's turnover increased from £12.1m to £15.1m.

Hearts have made a post-tax profit of almost £3million as a result of donations from unnamed benefactors.

The club received £1million for player costs and an "exceptional donation" of £2.25million to record a proft of £2.9million after tax for last season.

Hearts also received £3million in donations in the previous financial year.

A club statement read: "From a financial perspective we have once again achieved our major objective which was to grow our revenues profitably.

"In particular, our turnover increased by over 20 per cent from £12.1m to £15.1m.

"This resulted partly from growth in our commercial income, aided by the new facilities in our main stand, and as a result of our successes in both the League and Scottish Cups."

Staff costs rose from £7million to £8.2million while operating costs also increased to £6.5million

Owner Ann Budge said: "During the year, we received an exceptional £1m donation towards player costs from our benefactors, which allowed us to increase our playing budget for the year.

"Overall, we are delighted to report an operating profit of £1.6m, well in excess of our budget."

Hearts made £500,000 from the sale of players, mostly from Kyle Lafferty's ill-fated move to Rangers.

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Hearts interim boss Austin MacPhee pictured on November 3, 2019
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