HIBS IN THE BLACK WITH BIT OF HELP
HIBS have announced a net profit of over £900,000 in their latest accounts after taking in more than £5million in extra financial help because of the coronavirus pandemic.
The Easter Road side have detailed a £2.88m loan from the Scottish Government and around £2.5m in business interruption insurance and furlough income in the year up to the end of June 2021.
The £919,000 profit compares to a net loss of £1.23m in the previous 12 months.
The figures show a fall of four per cent in turnover to £8.55m, which the club attributes to reduced gate receipts from home and cup matches.
However, that was offset by slightly reduced operating and staff costs, despite performancebased bonuses triggered by the team finishing third in the Premiership and reaching the League Cup semi-final and Scottish Cup Final.
A further £600,000 was received in donations, with around half of that coming from Hibernian Supporters Limited, the secondlargest shareholder in the club and provider of regular monthly contributions.
It left Hibs with £6.95m in the bank, an increase from £5.36m just 12 months previously.
The accounts are detailed in a letter to shareholders from chairman and owner Ron Gordon ahead of the club’s annual general meeting on March 3, which he will attend online from his home in the United States.
Gordon said: “The club would again like to thank supporters for their continued support through season-ticket purchases during this challenging time.
“It does – at last – appear that we are seeing increased normality return on a more sustainable basis and that is very welcome.”
Meanwhile, chief executive Ben Kensell has set out Hibs’ ambitions of a top-four finish in the Premiership, European success and a cup triumph under new manager Shaun Maloney.
Maloney has endured a sticky start to management and has come in for some criticism after a run of six league matches without a victory since the winter break, which leaves the team seventh in the table and just four points above this weekend’s opponents, Ross County, who lie 10th.
However, Kensell is convinced Maloney is the right man for the Easter Road side.
He said: “The word ‘transition’ has been used a lot but you can’t call it anything else.
“It’s a process and I’m very confident that people are starting to see the green shoots and the signs of Shaun’s sort of playing philosophy [and] style coming through, and the players really adapting to that.”