MX23RW : Wednesday, December 19 08:16:26

Hearts announce profits in financial results

Hearts announce profits in financial results
© Reuters
The club has performed well on the pitch so far this season, despite losing back-to-back matches.

Hearts say they were able to boost their playing budget with the help of unnamed £1million benefactors.

The Jambos made the revelation as they announced profits of £1.8million in their annual report for the year up to June 30.

The Tynecastle outfit have continued to invest in the construction of their £18million new main stand but were still able to back boss Craig Levein with 18 summer signings.

And chairwoman Ann Budge says the club has a number of generous donations to thank for that.

While a £1million sum was gifted to the club to help build a team, another £2million has been given over to help with the new 7,290-seater stand project.

The club's figures also show that turnover has increased from £11.3m in 2017 to £12.1m – partly thanks to greater match-day revenue generated by the extra capacity now available, with Tynecastle now able to accommodate more than 20,000 supporters per game.

Around £400,000 has also been brought in by the transfers of Jamie Walker to Wigan and Esmael Goncalves to Pakhtakor.

Staff costs have risen to more than £7million but Budge is pleased with the Jambos' financial outlook.

In her annual statement, she said: "From a financial perspective and despite all the challenges we have faced and are continuing to face, we have once again achieved our major objective which was to grow our revenues profitably.

"In particular, our turnover increased from £11.3m to £12.1m during the year. To support this business growth, our operating costs have inevitably increased.

"We received an exceptional £1m donation towards player costs from our benefactors. This allowed us to enhance our playing budget for the year and consequently our staff costs increased considerably.

"In addition, our operating charges increased from £5.4m to £6.1m, matching the trend of the increase in our turnover. The effect of playing four matches during the season at BT Murrayfield impacted both our revenue and costs, however, whilst we had budgeted to break-even, we actually made a small profit even with the disruption to normal operations."


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A general shot of a Premier League football ahead of the Premier League clash between Everton and West Ham United at Goodison Park on October 30, 2016
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