Hibs announce end of year profits of £1.2m

Hibs today announced that the club had posted a profit at the end of the financial year for the fourth year in a row.

The Hibees did however post an operating loss of £1.5m, due to increased spending on the playing side of things and a loss of turnover, due to early exits in both cup competitions.

Sales of former stars David Murphy and Steven Whittaker helped the club post a profit.

The main issues of the financial year are as follows:

#Turnover: £8.1m (2006-07, £9.8m) 13%

#Staff costs: £4.6m (2007:£4.1m), +13%

#Operating loss: £1.5m (2007:£1.4m profit).

#Profit for financial year: £1.2m (2007:£7.4m).

#Player sales: £2.9m (2007:£6.4m).

#Net assets: £14.7m (2007:£12.4m).

#Season ticket sales: 11,250 (2007:10,500), +7%

#Average SPL home gates: 13,900 (2007:14,500), - 4%

#Easter Road Stadium valued at: £15.2m (2007: £15.2m)

#Hibernian Training Centre Valued at: £5.8m

#Cash balances at 31st July 2008 were: £3.9m (2007: £5.1m)

#Net Debt at 31st July 2008 was: £2.8m (2007: £2.8m)

The operating loss was covered by the player sales and the profit isn't as spectacular as recent seasons, but the debt has been brought down from somewhere in the region of £20m to £2.8m in the last 5-6 years, surely the board must be applauded for bringing our famous club out of severe trouble????

Other SPL clubs including Aberdeen, Kilmarnock and Hearts are crippled with debt, and ours sits at a level that secures our clubs future.

Also the board is to be applauded for once again increasing the investment in the playing side, surely it opens a few eyes of the Hibees support that the board have not been 'penny pinching' and are supporting the manager.

The £400,000 capture of prodigal son Derek Riordan surely proves this. The manager has also been backed with cash for the signings of Colin Nish, Abdel Zarabi, JohnRankin and Sol Bamba.

Former boss John Collins was also backed with cash for the signings of Alan O'Brien (£300,000 compensation to Newcastle United) and Yves Ma-Kalambay (£200,000 compensation to Chelsea).

Hibs also had to pay a compensation fee of around £250,000 for Moroccan magician Merouane Zemmama.

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