Hearts report loss after lack of European football
Hearts finished third in last season's Scottish Premiership
- Published
Hearts have announced a loss for the year to 30 June.
A loss of 拢1.2m was made on "ordinary activities" and 拢3m "depreciation and other amounts written off tangible and intangible fixed assets" contributed to 拢4.4m overall losses.
The club says "commercial, sponsorship and advertising revenues [are] all up" and reduced turnover exceeded 拢20m for the second year in a row "despite the absence of group stage European football".
Staff costs rose by 拢1.1m to 拢16.4m and net assets are listed at 拢20m, down from 拢24m.
Loans and overdrafts totalled more than 拢3.4m. A loan of 拢7m was taken out subsequent to the accounting period to pay off most of the 拢3.4m debt. The 拢7m loan will be repaid over 10 years.
- Published18 June 2023
Unlike the previous accounting period, Hearts did not feature in European group stage football after finishing fourth in the 2022-23 Scottish Premiership.
However, they are in the Conference League's new league phase this season after a third-placed finish last term and then losing their Europa League play-off to Viktoria Plzen. The current European campaign will contribute to next year's accounts.
In September, Hearts parted with head coach Steven Naismith after eight defeats in a row and Neil Critchley was appointed in mid-October.
Improved results under interim boss Liam Fox and Critchley have lifted the side off the bottom of the Premiership and secured two wins out of two in the Conference League.
Critchley's side host German outfit Heidenheim in Thursday's third Conference League fixture (20:00 GMT).
And Hearts play their last game before the November international break away to Premiership opponents Rangers on Sunday (17:00).