LENNON HAS HELPED HIBS TO CASH UP
BY ALAN MARSHALL HIBS chairman Rod Petrie admits they’ve struck it rich with boss Neil Lennon after the club posted a £200,000 pre-tax profit.
The Easter Road side returned to the black for the financial year ending June 2018 following a £277,000 loss for the previous 12 months.
Petrie puts that down to Lenny’s success in steering the club back into the top flight with turnover increasing to £9.6million, the highest since 2007.
Hibs posted losses for two of the three years they spent in the second tier and Petrie said: “The financial statements make good reading.
“Sporting success with the increased prize money available in the Scottish Premiership improved all the numbers.
“It confirmed what we said in previous years, that the club could break even in the Premiership.
“Special thanks go to Neil Lennon and Leeann Dempster and to all of the staff who work tirelessly for the best interests of the club every day.
“Recent sporting and financial success has been achieved by everyone working together to build a strong and vibrant club.
“We are well placed to continue to strive for success in the future, not just for today but for the generations to come.”
Petrie hailed the impact midfielder John McGinn made in his three years at the club before the 23-yearold netted Hibs £3m in moving to Aston Villa.
But the Hibs chief was quick to point out that bumper fee was not part of this year’s figures.
He added: “Everyone who has played for the club and has since left for pastures new deserves the gratitude of supporters, no one more so than John McGinn who left to join Aston Villa on the English transfer deadline day.
“The transaction happened after the financial year end and benefits the 2018-19 accounts so there is no impact in this statement.”
Hibs’ accounts also show net assets are up to £19.8m with a bank balance of £4.2m, an increase of £700,000, thanks to 13,600 fans buying season tickets.
Petrie added: “I would like to thank everyone who has bought season tickets.
“This enables the club to plan with confidence for the season ahead.
“The club owns Easter Road stadium and the Hibernian Training Centre. It has a robust balance sheet with no bank debt.
“But it does rely on the continued support of everyone who attends matches at Easter Road.”