Previous
MLS All-Stars
Arsenal
1
2
FT
Game Details
Borussia Dortmund
Manchester City
(5) 1
(6) 1
FT-Pens
Manchester City wins 6-5 on Penalty Kicks.
Game Details
NK Domzale
West Ham United
2
1
FT
Leg 1
Game Details
Hertha Berlin
Brøndby
1
0
FT
Leg 1
Game Details
Aberdeen
NK Maribor
1
1
FT
Leg 1
Game Details
St Etienne
AEK Athens
0
0
FT
Leg 1
Game Details
Next
MLS All-StarsMLS All-Stars
ArsenalArsenal
1
2
FT
Game Details
By ESPN Staff

Profits slump and debts rise at Hibernian

Hibernian's profits have been almost slashed in half and their debts have also increased, according to financial results released by the club on Wednesday.

Hibs reported a fifth successive year of profit but the net figure was down from £1.2 million last year to £700,000 for the year ending July 31 2009. Net debt also rose from £2.8 million to £3.6 million year on year.

A 9% reduction in attendance at Easter Road and an increase in staff costs are two factors behind the figures. The club's turnover fell again but only by four per cent to £7.7 million.

However, continuing to trade profitably in the current financial climate is no mean feat for a Scottish Premier League club who underachieved again last season.

Chairman Rod Petrie said: "We have maintained our 'rock solid' financial position against a background of sporting performances which have fallen below the standards the club has set for itself in recent years."

Expressing a determination to cut costs, chief executive Scott Lindsay added: "Despite the hard work undertaken by the management team and staff off the field to successfully reduce operating costs, the club reported a £1.5 million operating loss, in line with the previous season.

"Sporting performance is a major factor in delivering revenue and the combination of a sixth-place SPL finish, lower attendances and early cup exits impacted significantly on the results. The deteriorating economic climate also contributed to the reduction in income."

Comments

Use a Facebook account to add a comment, subject to Facebook's Terms of Service and Privacy Policy. Your Facebook name, photo & other personal information you make public on Facebook will appear with your comment, and may be used on ESPN's media platforms. Learn more.