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Thread: Small profit made last season

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    Radge Private Member


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    Small profit made last season

    HIBERNIAN - WINNING TOGETHER ON AND OFF THE FIELD

    Good too see that although we are still in this league we still managed to make a small profit last season thanks to the cup runs.

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    Quite a bit past it radge






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    No links seem to work for me at the moment.

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    Good news 👍

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    Quote Originally Posted by Sir Shrink View Post
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    No links seem to work for me at the moment.
    Hibernian Chairman Rod Petrie today reflected on a momentous year for the Club which saw Hibernian lift the Scottish Cup at Hampden.

    In his letter to shareholders accompanying the Club’s Financial Statements for season 2015-16, he reported that winning the William Hill Scottish Cup, getting to the final of the Scottish League Cup presented by Utilita, and making the play-offs in the Ladbrokes’s Championship meant that the Club was able to achieve a small profit – despite being a Premiership Club playing in the Championship.

    And he shared the feelings of all supporters when he spoke of the emotions felt as the final whistle sounded at Hampden on May 21st and the 114-year wait finally came to an end:

    “To say this was a momentous achievement for the Club is a massive understatement given the anxiety and emotions which had pent up over the decades since previous wins. That was evident on the day at Hampden Park.

    Great joy and jubilation also was evident the next day as tens of thousands of Hibernian supporters witnessed the open top bus parade from the City Chambers to Leith Links. Who can look back on these events without a lump in their throat and a tear in their eye remembering all those who have gone before and who would have wished to share this achievement with us?”

    While the Cup win was the undoubted highlight of the season, the figures demonstrate the importance of sporting success on a financial level:

    -Turnover was up from £5.6 million the previous season to £7 million

    -Staff cost were up from £3.4m to £3.8 million, partially as a result of taking the Club’s hospitality business in-house

    -Wages to turnover ratio fell, from 61% to 54%

    -A net profit of £0.2 million was achieved, following two years of losses

    The Club’s accounting reference date was changed to 30 June so that the financial year and the sporting calendar are now aligned given that the new format of the Betfred League Cup means that it will start in July each year. That means the Financial Statements cover the eleven months to 30 June 2016, but it is worth noting that the result for the twelve months ended 31 July 2016 would also have been a small profit.

    The Chairman said: “The Financial Statements show a robust financial position at 30 June 2016. Tangible fixed assets (Easter Road Stadium and the Hibernian Training Centre) were £24.3m; Net Assets were £19.6m and the Club had cash balances of £2.5m. The Club has no external debt. The cash balance is required to fund the annual working capital cycle and the loss anticipated from being a Premiership Club in the Championship. Clearly that budgeted loss may be mitigated by further sporting success.”

    He paid tribute to the part played by supporters:

    “The Board asked supporters to help fund sporting success through the Share Issue. The Club received a total of £1.1m in cash from supporters subscribing for new shares between February 2015 and June 2016. This undoubtedly contributed to the Club’s ability to maintain a squad of players and a management team capable of reaching two cup finals. In doing that, the Club faced Aberdeen; Dundee United (twice); Heart of Midlothian; Inverness CT; Ross County; and St Johnstone from the Ladbrokes Premiership and overcame them all apart from Ross County at Hampden in March.

    “At 30 June 2016 Hibernian supporters owned 31.8% of the Club (up from 18.2% at 31 July 2015). 23.6% was held directly by 2,400 supporter shareholders and 8.2% was held by Hibernian Supporters Limited on behalf of its members. 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.

    “The sporting challenge now is promotion. Everyone at the Club is focussed on that. Almost 11,000 Hibernian supporters have bought Season Tickets for this Season. The attendance at Easter Road Stadium for the first home league match of the Season against Dunfermline Athletic was more than 16,000. These are big numbers. The Club needs this continued level of support to help fund a promotion season.

    “Thank you to everyone who has helped their Club by attending matches; buying a Season Ticket; subscribing for shares or helping Hibernian Supporters Limited subscribe for shares. Together we will succeed just as we all did at Hampden in May.”
    There's no other way
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    Radge Private Member


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    These figures are actually quite horrendus....bear with me.

    Hibs reached two major cup finals playing Aberdeen,Dundee United (twice); Hearts (twice), Inverness CT, Ross County, St Johnstone and 'Scotlands Shame 2012' yet only made a profit of £200,000.

    This season all the parachute payments have now gone, we are out of the League Cup though great season ticket sales will offset things a little but I would estimate every season in the Championship while funding a PremierShip squad costs Hibs £1.5m a season.

    The 'Dear Leader' is quite right to spin it positvely though and continually glow in the Scottish Cup triumph but last years amazing season really does highlight the financial problems the club faces if it cant get out of this division this season.

    There is a lot riding on getting promoted this season and not just NL's job.
    Football is the most important of life's least important things.

    Arrigo Sacchi

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    Hibernian, Hibernian Ra Ra Radge



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    Quote Originally Posted by SlovSam View Post
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    These figures are actually quite horrendus....bear with me.

    Hibs reached two major cup finals playing Aberdeen,Dundee United (twice); Hearts (twice), Inverness CT, Ross County, St Johnstone and 'Scotlands Shame 2012' yet only made a profit of £200,000.

    This season all the parachute payments have now gone, we are out of the League Cup though great season ticket sales will offset things a little but I would estimate every season in the Championship while funding a PremierShip squad costs Hibs £1.5m a season.

    The 'Dear Leader' is quite right to spin it positvely though and continually glow in the Scottish Cup triumph but last years amazing season really does highlight the financial problems the club faces if it cant get out of this division this season.

    There is a lot riding on getting promoted this season and not just NL's job.
    It's a fact that the two glorious cup runs [although we should have won both cups] have masked what would have been a financial disaster but that's all part of football and we turned what [I think] was an £800k loss last season in to a £200k profit this season. I agree with you though that if we don't get out of this league this season we are heading for financial doom and gloom.
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    Quote Originally Posted by Sir Shrink View Post
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    No links seem to work for me at the moment.
    Sorted that


    Hibs are standing on the brink of history...
    They've only gone and done it..
    They've only gone and won The Scottish Cup.




    Bounce Hibs Ladies Player Sponsorship

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    Quite a bit past it radge






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    Thanks Piltonstany, and thanks Jamie.

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    Radge Private Member
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    I'd suggest the 200K profit needs invested on a front man that can hit the back of the net in January.

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    Radge Private Member





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    I thought it was a £900k loss last year but no matter it's a £1m turn around and that's got to be a good thing given where we are.

    The club must be kicking itself at the lost opportunities around cup winning merchandise. HSL the same having been somewhat quiet over the summer and indeed a number of folk who have paid the full whack not able to continue their donations even when they want to!
    Space to let

  10. #10
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    Quote Originally Posted by Smurf View Post
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    I'd suggest the 200K profit needs invested on a front man that can hit the back of the net in January.
    Bugger that K, we want one that can hist the back of the net in January and Feb etc until we let him go

    Apart from the jocular comment, I agree.
    They're gone, not here, forgotten
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    Quote Originally Posted by Smurf View Post
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    I'd suggest the 200K profit needs invested on a front man that can hit the back of the net in January.
    100% this. Stick or twist, Hibs? If we haven't improved significantly by January, that's a total no-brainer.


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    In this day and age, a club of our size or bigger turning a profit is remarkable.
    Look at clubs in 'the greatest league in the world' for example. Most of them have debts greater than some countries.
    We're still stuck in the wrong division though which is the only negative but it's preferable to spunking away millions only to maintain a top division status, probably in the mid to lower half at that as, even by spunking the aforementioned millions, Celtc have the financial muscle to keep everyone else off top spot.
    Game's rigged, why bother?

  13. #13
    Radge Donator

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    Winning the Scottish Cup and getting to the League Cup final in March has very much helped to cushion the financial blow of having to spend an unprecedented third season in the second tier of Scottish football. Considering that is still where we are it is quite remarkable that we have made a small profit, but it is clear that the cup win has totally re-energised the club and changed it forever. It is quite clear though that winning the league this year and gaining automatic promotion absolutely must be achieved at all costs.
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