Hibs return to profit during cup winning campaign
Hibernian returned to profit last season during their second year in the Ladbrokes Championship.
Hibernian returned to profit last season during their second year in the Ladbrokes Championship.
Hibs reported a £200,000 profit in a season in which they won the William Hill Scottish Cup and reached the League Cup final.
Turnover was up from £5.6million to £7million while staff costs rose by £400,000 to £3.8million, partially as a result of taking the club's hospitality business in-house'', the club reported.
The club changed their reporting period to June 30, making it an 11-month statement, but they said they remained in profit until the end of July.
Chairman Rod Petrie revealed the club had a cash balance of £2.5million to fund the annual working capital cycle and the loss anticipated from being a Premiership club in the Championship.''
He added that supporters had injected £1.1million into the club in the 16 months up to the end of June through a share issue.
Petrie stated supporters owned 31.8 per cent of the club at the end of June, up from 18 per cent the previous summer. Most of that is through individual shareholders while the Hibernian Supporters Limited has an eight per cent stake for its members.
He added: The success of the share issue is down to the commitment made by supporters to their club. The board has used those funds, as it said it would, to help fund sporting ambition. And that sporting ambition turned into sporting success.''