Hearts announce £600,000 profit as turnover rises by £3m

Hearts chief executive Ann Budge has overseen an impressive set of financial results. Picture: Toby Williams

Hearts chief executive Ann Budge has overseen an impressive set of financial results. Picture: Toby Williams

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Hearts’ turnover rose by £3 million last year after the club finished third in the Premiership and qualified for Europe.

The Edinburgh club brought in £9,967,000 in the year to June 30, 2016, – up from £6,982,000 the previous year.

Their first season back in Scotland’s top flight proved a rousing success on and off the field, as shown in the latest set of financial results published today.

After winning the Championship in 2015, Hearts claimed third spot in the Premiership and reached the Europa League qualifying rounds.

Sell-out crowds and 13,000 season ticket sales, plus another injection of almost £1.5m from fans’ group Foundation of Hearts, meant a £3m increase in revenue.

The club’s wage bill also increased by £1.7m from £3.8m to £5.5m as staff numbers rose from 122 to 144.

Operating costs were up from £3.5m to £4.1m, including £195,000 spent on Tynecastle’s new museum and memorial garden. Net cash inflow sat at £1.5m – largely due to the sale of Swedish striker Osman Sow to Chinese club Henan Jianye for more than £1m.

Net profit for the year was £636,000 and Hearts’ bank balance now stands at £5,036,000. Much of that cash is likely to be used to fund the new main stand at Tynecastle, due for completion in September 2017.

The financial report detailed that £705,000 has already been spent purchasing buildings in front of the stadium and developing the undercroft of the Wheatfield Stand.

The front buildings are being demolished as part of the new stand development, and the Wheatfield undercroft is now the club’s temporary office location.

Hearts’ AGM will take place in the Gorgie Suite at Tynecastle on Tuesday, December 20, at 11am.

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