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Thread: Now that's what I call spin!

  1. #1
    Lost in France Radge Peevemor's Avatar
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    Now that's what I call spin!

    Hearts financial results as announced on their official site.

    Media Release
    Hearts announce financial results
    . Turnover rises to 10.32 million.
    . Fourth consecutive year of turnover growth.
    . Gain on player sales of 1.12 million for the year.
    . Stadium redevelopment plans progress on schedule.
    . Club to focus on increasing efficiency and capitalising on investment

    Heart of Midlothian FC (Hearts) announced today that the club has achieved record turnover of 10.32 million following the release of its financial results for year ended 31 July 2007.

    Of particular note was the increased revenue streams due to improved retail sales, the ability of Hearts to attract top quality sponsorship partners and the loyalty of the supporters attending the games during this period. The strong turnover is all the more impressive given Hearts fourth place league finish in the Bank of Scotland Scottish Premier League in season 2006/07.

    In the transfer market, Hearts recorded a gain on player sales for the period of 1.12 million due in the main to the transfer of Paul Hartley to Celtic. Gains from the previously widely reported sale of Craig Gordon will be realised in the next set of annual results.

    The Club continued to invest in priority areas for the future including the development of a first class football stadium at Tynecastle and continued investment in its successful youth academy system. Increased investment in, and support of, the playing squad led to employment costs of 12.49 million. Parent company UAB Ukio Investicine Grupe (UBIG) provided funding by way of short term debt facilities with the plan to convert it to shares at a later stage. The club does however remain focussed on increasing efficiency by lowering costs and improving results on the field and financial results off field.

    In parallel with this, in future seasons, it is projected that improved revenues will be generated through increased participation in European competition, larger attendance in a redeveloped Tynecastle Stadium and an associated greater sponsorship and retail income. Expenditure on the playing squad is unlikely to rise any further and the Board is working towards a more appropriate 'salary to turnover' ratio with the full effect of the departure of some of the club's top-earning players not being felt until the next set of financial results. No Board director received any payment from Hearts for the financial period being reported.

    The outlook for the present financial year (year to 31 July 2008) is therefore encouraging and the Board and management team of the club are actively engaged in targeting operational break-even for the business in the mid to long term. The Board also confirmed its intention to improve the football management structure and appoint a manager whose responsibility will be to deliver onfield success. Off field measures have been taken to improve the club's performance including areas such as corporate governance and general management with the appointment of Campbell Ogilvie as managing director.

    There are two notable post balance sheet events. The club's commercial agreement with Umbro represents the largest shirt partnership deal in the history of the club and the club is pleased with the way this relationship is developing. The club is also pleased with the progress to submission of a Planning Application for the new main stand development. If approved this will allow Hearts to increase the stadium capacity to 23,000 while also providing a number of other revenue generating opportunities. This is a cornerstone of Hearts' future revenue growth and will bring significant benefits to the locality around Tynecastle Stadium and indeed wider benefits to the City of Edinburgh as a whole.
    There musn't be any large debt then as it's not mentioned.

    And I see they've managed to better their wage/turnover ratio from 100% in the last set of accounts to a mere 121% this time around.

  2. #2
    The Radge Doon the Road BunnahabhainXXV's Avatar
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    Re: Now that's what I call spin!

    Club to focus on increasing efficiency and capitalising on investment


    If I was a Jambo (which I thank God that I am not) that is the bit I would be worried about. Someone wants his money out?

  3. #3
    A True Gadgie/Gadgess sKipper's Avatar
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    Re: Now that's what I call spin!

    Quote Originally Posted by Peevemor View Post
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    Hearts financial results as announced on their official site.

    There musn't be any large debt then as it's not mentioned.
    At least debt is historic. How can they talk about their accounts and not mention the operational loss ????


  4. #4
    Red Rose Radge

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    Re: Now that's what I call spin!

    ...in future seasons, it is projected that improved revenues will be generated through increased participation in European competition,
    Don't, please, I'll piss myself again
    forty two


  5. #5
    Red Rose Radge

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    Re: Now that's what I call spin!

    Quote Originally Posted by sKipper View Post
    This quote is hidden because you are ignoring this member. Show Quote
    At least debt is historic. How can they talk about their accounts and not mention the operational loss ????

    In a roundabout way they do. 1.05M loss before operational costs are considered, really just invites the question, "and how much more did the club actually lose Mr Vlad, and does this put Hearts in a similar position to Gretna?"

    Bad report, fools nobody.
    forty two


  6. #6
    Skivin cooncil Radge
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    Re: Now that's what I call spin!

    What is the problem? According to one Gunt on the BBC forum ,its not as bad as he expected.

    http://news.bbc.co.uk/sport1/hi/foot...an/7319615.stm

    In fairness he does admit to being a bit slow on matters of finance.

    Obviously
    Ever play this game chief?

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