Hibs have revealed trading losses of almost £1 million for the year ending 31st July despite reaching the Scottish Cup Final and reducing salary costs.
The loss of £900,000 comes following a disappointing SPL season which saw the Hibees finish second bottom of the table with safety ensured on the penultimate day of the season.
Season 2011/12 also saw the sacking of Colin Calderwood and a high turnover in staff as new manager Pat Fenlon tried to re-shape the team following his appointment.
With limited transfer income, the sell on fee from Sol Bamba virtually Hibs only gain on that front, Hibernian posted only their second overall trading loss in 8 years.
Net debt is up £0.5 million to £6.4 whilst wages to turnover (£4.1 million) have dropped from 69% to 60%.
Whilst still in a relatively healthy state in comparison to many Scottish clubs, Chairman Rod Petrie acknowledged the poor footballing performances had hit the club in the pocket.
He told the club’s official website ‘The financial results for the year reflect the poor performances on the pitch almost throughout the Season. The one sporting high of reaching the final of the Scottish Cup turned sour in the manner of the defeat.
‘The Club apologised to supporters for the lack of a performance on the day but now have the chance to atone for that defeat in this year’s competition.’
‘It is disappointing to report a loss for the year. The Manager has rebuilt the team. Now the Club is working closely with supporters to rebuild attendances at Easter Road Stadium and improve revenues for the current year despite the economic hardship that affects everyone.’
Hibs will hold the shareholders AGM at Easter Road on Monday 10th December at 7pm.