Turnover up more than 20%
Budge upbeat as donations help Hearts post £1.6m profit
Focus: Ann Budge (pic: SNS Group)
Hearts once again owe a debt of gratitude to unnamed benefactors after revealing donations in excess of £3million helped the club post an operating profit of £1.6m.
Figures to the financial year end 30 June show an ‘exceptional donation’ of £1m was made towards player costs, while a further £2.25m was donated towards stadium development.
This takes the total amount donated to the club by the philanthropists, who owner Ann Budge refuses to name, to more than £9m in the past three years.
Despite what Budge termed a ‘disappointing’ sixth-place finish last season, turnover rose to £15.1m, up more than 20 per cent from £12.1m largely due to strong showings in both domestic cup finals and over £500,000 brought in from player sales.
Staff costs rose from £7m to £8.2m, while operating charges increased to £6.5m from £6.1m.
“We remain focused on achieving our long-term objective of building a financially stable operation, with the infrastructure, vision and people, in place, to ensure the on-going successful development of our club,” said Budge.
“Once again, we have recorded a strong financial performance, while continuing to invest for the future, both on and off the pitch.
“From a financial perspective we have once again achieved our major objective which was to grow our revenues profitably.
“It was another challenging year both on and off the pitch, however, we continued to focus on our core values and have delivered a very positive financial performance. This bodes well for the future.”