Hearts have announced a £681,000 operating loss for the financial year ending June 2015, but have still managed to reduce their debt by over £1.5 million.
The club released their accounts to shareholders yesterday. Despite playing in the Championship, turnover was up £500,000 to £7 million.
The substantial £900,000 increase in staff costs was anticipated after then manager Gary Locke was left with a skeleton squad made up mainly of youngsters during season 2013/14.
Meanwhile, former Rangers striker Jon Daly is to become Hearts’ new under-20 coach in January when his contract at Raith Rovers expires.