Scottish Football - Hibernian post small profit

Hibernian have announced a profit for the first time in two years.

PA Sport
Scottish Football - Hibernian post small profit

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Hibernian have recorded a pre-tax profit of 100,000 pounds

The Edinburgh club reported a £100,000 pre-tax profit for the year ended 31 July, 2013, compared to a loss of £1million the previous year.

Turnover increased by £1.1million to £8million from £6.9million in 2012.

Hibs' improved league position was mentioned as the largest factor after the team finished seventh in the Scottish Premier League, having occupied 11th place the year before.

Staff costs were reduced from £4.1million to £3.9million, leading to a wages-to-turnover ratio of 49% - Hibernian's lowest since 2007.

The net assets of the club amounted to £13.6million, while net debt fell by £900,000 from £6.4million to £5.5million.

Chairman Rod Petrie told the club's website: "The return to profit is a welcome improvement on the previous two years and gives the club a solid platform for future sporting success."

The club's annual general meeting will take place at Easter Road on October 1.

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