The Tynecastle club declared growth “in all aspects of its operation” after returning to “pre-pandemic levels of financial strength”. Their finances were bolstered by a strong year on the pitch as Robbie Neilson’s side followed up promotion from the Championship in 2021 by finishing third in their first season back in the cinch Premiership while also reaching the Scottish Cup final. The club enjoyed record retail and hospitality sales, combined with significant gate receipt income and continued partnership and sponsorship support, ensuring a £6.9m year-on-year increase in turnover to £14.6m. Operating costs increased 60 per cent year-on-year, partly due to the cost of living increase.
The Edinburgh club were also boosted by player sales. such as Andy Irving’s move to Turkgucu Munchen and Uche Ikpeazu’s £1million switch from Wycombe to Middlesbrough which triggered a sell-on clause of nearly 30 per cent. There was also ongoing support from benefactors such as director James Anderson totalling £4,460,000, with profit before tax of £1.7m reported for the financial year.
A statement from Hearts read: “Heart of Midlothian has returned to pre-pandemic levels of financial strength, posting an operational profit of £3million following the publication of the club’s 2021/22 accounts,” said a club spokesperson. “Despite the difficulties faced during a period when COVID-19 affected so many businesses, the club has grown in all aspects of its operation.
“In a historic year in which ownership of the club was transferred to the fans, the first team’s magnificent 21/22 campaign, which saw Robbie Neilson lead the Jambos to third place in the cinch Premiership, a Scottish Cup Final and guaranteed group stage European football, helped drive the club forward financially.
“Record retail and hospitality sales, combined with significant gate receipt income and continued partnership and sponsorship support, ensured a significant £6.9m year-on-year increase in turnover, totalling £14.6m.
“Operating costs have increased 60 per cent year-on-year, reflecting our revenue growth, the impact of the recent cost of living increase and our commitment to continue to invest for the future.
“Boosted by players sales and ongoing benefactors’ support, profit before tax of £1.7m was reported for the financial year, proving that is very much ‘business as usual’ at Tynecastle Park.”
The latest accounts do not include income from this season’s involvement in the Europa League play-off round and the Europa Conference League group phase, from which Hearts hope to earn between £2.5m and £3m.
Hearts are due to hold their annual general meeting on Thursday, December 15 at Tynecastle.