Benefactors help Hearts hit record revenue
Support from benefactors of more than £4 million helped Hearts post a record turnover of £14.6m in the club’s latest financial figures to 30 June.
With revenue up 90 per cent (£6.9m) on the previous 12 months and an operational profit of £3m, the club said it had returned to “pre-pandemic levels of financial strength” in a year which saw the Foundation of Hearts (FoH) assume ownership.
Ongoing backing from director James Anderson and the club’s other benefactors saw £4,460,000 ploughed into the coffers, while cash pledges from the FoH sat at £1,525,000. Player sales generated £461,000.
Record hospitality and retail sales were also key contributors with profit before tax sitting at £1.7m. Increased activity within the club resulted in costs rising by 60 per cent.
A club statement said: “Heart of Midlothian has returned to pre-pandemic levels of financial strength, posting an operational profit of £3million following the publication of the club’s 2021/22 accounts.
“Despite the difficulties faced during a period when Covid-19 affected so many businesses, the club has grown in all aspects of its operation.
“In a historic year in which ownership of the club was transferred to the fans, the first team’s magnificent 21/22 campaign, which saw Robbie Neilson lead the Jambos to third place in the cinch Premiership, a Scottish Cup Final and guaranteed group stage European football, helped drive the club forward financially.
“Record retail and hospitality sales, combined with significant gate receipt income and continued partnership and sponsorship support, ensured a significant £6.9m year-on-year increase in turnover, totalling £14.6m.
“Operating costs have increased 60 per cent year-on-year, reflecting our revenue growth, the impact of the recent cost of living increase and our commitment to continue to invest for the future.
“Boosted by players sales and ongoing benefactors’ support, profit before tax of £1.7m was reported for the financial year, proving that is very much ‘business as usual’ at Tynecastle Park.”