Heart of Midlothian Football Club published its Annual Report for the year ended 30th June 2018 which showed an increase in turnover to £12.1m.
Results for the financial year 2017/18 saw the Edinburgh based SPFL club continue on its journey to establish itself as a major force in Scottish Football.
Off the pitch, the club reached a key milestone in its Tynecastle Redevelopment Project with the opening of the Main Stand, which has seen capacity increase to circa 20,000 and hospitality space more than double.
Within the Main Stand the opening of an impressive Club Store has delivered a much-expanded product range whilst a supporters bar, named Eighteen Seventy-Four, by suggestion from the club’s fans, has quickly become the bar of choice for many since opening its doors in May this year.
Redevelopment at Tynecastle has also progressed with the installation of a new state of the art £1m Hybrid Pitch, complete with computerised monitoring, irrigation and undersoil heating systems.
On the pitch, Craig Levein, in consultation with the board, agreed to take on the role of First Team Manager while continuing in his wider role of Director of Football. This was only possible because of the significant investment from the club and the efforts of Craig over the last 4 years in building a solid management structure to support our football operation.
From a financial perspective and despite challenges faced and are continuing to face, the club has once again achieved one of its key objectives; to continue to grow the business across all areas and to do so profitably.
Turnover increased from £11.3m to £12.1m during the year and despite disruption to normal operations, including the effect of playing 4 matches at BT Murrayfield, the club did so profitably.
Key 2017/18 Highlights:
**Turnover over £12m
**24% increase in gate receipts
**8% increase in income from Commercial activities
**Over £400k gain on sale of players
**Strong balance sheet with net assets of £14.7m
**9 Academy players signed professional contracts in season 2017/18
**More young players taking to the field in our 1st Team than any other in Europe
**Performance school at Balerno celebrated its 1st anniversary
**Investment in the community continues through the Community Football and Heritage Departments
**Big Hearts, the club’s own charitable operation, has grown to 5 full time staff and 1000+ volunteers delivering programmes that improve the lives of individuals and families who are most at risk from the effects of economic deprivation and social isolation.
Click here to download the full annual report.
The 112th Annual General Meeting of Heart of Midlothian plc will be held at the Gorgie Suite, Tynecastle Park on Tuesday 18th December 2018 at 11am.
Image: PA Images
