Heart of Midlothian FC have posted an operational profit of £3m, despite COVID-19, and the club’s 2021/22 accounts reveal the club has grown in all operational aspects.
The first team’s 21/22 campaign, which saw manager Robbie Neilson lead the Jambos to third-place in the cinch Scottish Premiership, contributed to the balance sheet.
An appearance in the Scottish Cup Final at Hampden in May when Rangers beat Hearts 2-0 after extra time, and the guarantee of group stage European football, also helped drive the club forward financially during a historic year in which ownership of the club was transferred to fans.
Record retail and hospitality sales, combined with significant gate receipt income and continued partnership and sponsorship support, ensured a £6.9m year-on-year increase in turnover, which totalled £14.6m, a 90 per cent increase on the previous year.
Operating costs have, however, increased 60 per cent year-on-year reflecting the impact of the recent cost of living increase and Hearts’ commitment to continue to invest for the future.
Revenue was also boosted by player sales and on-going benefactors’ support and a profit before tax of £1.7m was reported for the financial year. The club’s net assets are reported at £24m.
PICTURE: Outside the main stand at Tynecastle by Nigel Duncan
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