Hibs announce Financial Report for 2009/10

The Hibees have announced a profit of £100,000, not that impressive if compared to previous seasons, but a fantastic result, taking in a number of factors including the current global recession.

One of the main talking points, is that the club have revealed that they were able to build the new East Stand for about £500 a seat, which makes the final total for the build £3.2m, another superb result considering this time last year they were being quoted as much as £2,000 a seat!!

The club’s debt has stayed at £4.1m, but with £2.2m also sitting in the bank, it’s a superb situation to be in.

Hibs also revealed that the sale of Anthony Stokes won’t be included until next years financial report.

The key points of the financial report are as follows:

• Profit for the Financial Year was £0.1m (2008-09: £0.7m)

• Bottom line Profit for the 6th consecutive year

• Turnover for the year was £7.1m (2008-09: £7.7m) a reduction of £0.6m (-8%)

• Staff costs were £4.8m (2008-09: £4.7m) an increase of £0.1m (+2%)

• The Ratio of Staff Costs to Turnover was 68% (2008-09: 61%)

• Operating Charges were £3.3m (2008-09: £3.5m) a reduction of £0.2m (-6%)

• The gain on disposal of intangible assets was £2.3m (2008-09: £2.4m)

• Net Assets at 31 July 2010 were £15.0m (2009: £15.0m)

• Cash balances at 31 July 2010 were £2.2m (2009: £2.9m)

Hibs Chairman Rod Petrie said:

"To have achieved a profit for six consecutive years is a truly outstanding achievement within football, let alone football within Scotland.

Being in 'profit' means that the Club is self sufficient and in control of its own destiny - it also means any surplus income is retained within the Club and re-invested for the future. The Club's financial position is the envy of many other clubs."

Chief Executive Scott Lindsay added:

"The opportunity to construct the new East Stand at a cost of around £500 per seat was one that could not be overlooked. The completion of the stadium provides the scope for additional revenue from home matches in the future as well as allowing Easter Road to be utilised for other matches; such as Cup Semi-Finals and Scotland U21 internationals.

"We will now turn our efforts towards widening the Hibernian Family, working the completed Stadium hard and increasing both attendances and turnover, to allow us to continue to maximise our investment into the product on the pitch. Our commitment to the Manager and the team, and our ambition to compete at the very top of Scottish football is unwavering. Ultimately our focus remains on sporting performance, the single most important factor in generating revenue.

"The commitment of our supporters over the past season, and in renewing seasonal memberships for the current season has been tremendous. Their support is the cornerstone upon which future success will be built, and we thank them for their support and confidence, especially given the ongoing financial circumstances that we all face."