Hibs have released their financial results for the year, and for the second year running have posted a loss of £900,000.
The Hibees posted the loss on the back of a terrible season, with crowds falling to an average of 9900.
The run to the Scottish Cup Final will have helped the financial results.
Debt has risen slightly by £500,000 to £6.4M, with most of that debt tied up in a long term mortgage.
Despite the report it's not all doom and gloom, the club has managed to drive down the wage bill by £700,000, which should be even more by the time next years accounts come out.
The operating loss was also down slightly by £100,000,
The main points of the financial results were as follows:
Turnover
£6.9m
Down £0.1m
Staff costs
£4.1m
Down £0.7m
Wages to Turnover Ratio
60%
Down from 69%
Operating Loss
£0.9m
Down £0.8m
Player trading gains
£0.1m
Down £0.8m
Loss before tax
£0.9m
Unchanged
Fixed assets
£23.8m
Down £0.5m
Net assets
£13.4m
Down £1.0m
Net debt
£6.4m
Up £0.5m
Position in SPL
11
Scottish Cup
Final
League Cup
QF
Speaking about the financial results, Hibs chairman Rod Petrie said:
"The financial results for the year reflect the poor performances on the pitch almost throughout the Season. The one sporting high of reaching the final of the Scottish Cup turned sour in the manner of the defeat. The Club apologised to supporters for the lack of a performance on the day but now have the chance to atone for that defeat in this year's competition."
"It is disappointing to report a loss for the year. The Manager has rebuilt the team. Now the Club is working closely with supporters to rebuild attendances at Easter Road Stadium and improve revenues for the current year despite the economic hardship that affects everyone."
What these results do prove is that the club needs the fans more than ever.
With Rangers out the league, revenue will be hit, but the fans can offset that.
Hibs have a fantastic support base, but we need more to get through the doors at Easter Road.
We sold 25,000 tickets for the cup final, so it's proven the support is there.
Hibs have apparently been told by Wolves that £150,000 is needed to secure the services of Leigh Griffiths, a player who could make a good season great, and one who has massive sell-on potential.
Despite posting some outstanding financial results over the past decade, the tide has turned again and Hibs need to change that before it starts to beome a bad situation again.
C'Mon Hibees let's back the club to the hilt!!! Get to games, buy merchandise from the club store etc etc.
The crowds at ER have went up this season by roughly a 1,000, but the club needs more, Rod Petrie's message is definatley a call to arms, hopefully our support reacts!!