Heart of Midlothian plc - Annual Report & Financial Statements and AGM Notice
The club’s latest set of accounts, for the year ended 30 June 2025, have been published ahead of next month’s AGM.
For the third year in a row, the club generated turnover in excess of £20m. With turnover at £24.4m for the period, this is a significant increase on the year prior thanks to participation in the League Phase of the UEFA Conference League and a strong commercial performance, for which we thank our partners and our fans for their continued support.
Our income was further bolstered by total donations from benefactors and the Foundation of Hearts of just under £6m. FOH members continue to play a crucial role in the club’s ability to operate at a high level and we thank them, as well as our benefactors, for their ongoing backing.
This strong income position enabled further investment in our playing squad, our backroom support teams and the wider football business, in addition to continuing our proud status as a Living Wage Employer and meeting increases in National Insurance rates. As such, 2024/25 saw an increase in staff costs across the business.
The aforementioned investment, coupled with the financial impact of the poor on-pitch performance during the 2024/25 campaign and continuing inflationary cost pressures, as witnessed across the industry and wider economy, contributed to a net operating loss (after inclusion of £1.3m of player trading gains) of £0.4m. This is improved from last year’s equivalent figure of £1.2m.
Our balance sheet remains healthy with net assets of £27.6m at year-end, strengthened by the completion of Tony Bloom’s investment in the club in June 2025. As an equity investment, this is not reflected in the profit/loss figures shown in the income statement or referenced above.
In summary, we are pleased to be able to submit a robust set of accounts for the financial year ended 30 June 2025.
Key Highlights
-
£24.4m Turnover – a 21% increase from last year and in excess of £20m for the third year in a row
-
10% increase in Commercial Revenue on the prior year
-
£1.49m donations received from the Foundation of Hearts – demonstrating the continued incredible backing from its members
-
12% increase in gate receipts income compared to the prior year
-
Player trading gains of over £1.3m – very significantly increased on the prior year
-
Staff costs, across the entire business, have increased by 16% as we continue to invest on and off the pitch and remain a proud Living Wage Employer
-
Equity investment from Tony Bloom of £9.86m, completed in June 2025
-
Healthy Balance Sheet with net assets of £27.6m
Notice of Annual General Meeting
Annual Report & Financial Statements for the year ended 30 June 2025
