Today Heart of Midlothian PLC published its Annual Report for the year ended 30th June 2018.
Financial Year 2017/18 saw the Club continue on its journey to establish ourselves as a major force in Scottish Football. Off the pitch, we reached a key milestone in our Tynecastle Redevelopment Project with the opening of the Main Stand, which has seen our capacity increase to circa 20,000 and our hospitality space more than double. Within the Main Stand we have also opened an impressive Club Store with a much-expanded product range. Our supporters bar, named Eighteen Seventy-Four, by suggestion from our fans, has quickly become the bar of choice for many since opening its doors in May this year.
Our first full pitch redevelopment at Tynecastle in 20 years was also progressed with the installation of a new state of the art £1m Hybrid Pitch, complete with computerised monitoring, irrigation and undersoil heating systems.
Major projects such as the new Main Stand and the new pitch come at significant cost but are key investments to secure the future of the club.
On the pitch, Craig Levein, in consultation with the board, agreed to take on the role of First Team Manager while continuing in his wider role of Director of Football. This was only possible because of the significant investment from the Club and the efforts of Craig over the last 4 years in building a solid management structure to support our football operation. The last two transfer windows have seen the Club make significant signings, both permanent and loan signings to strengthen the squad and we are already seeing the positive impact of this in Season 2018/19.
From a financial perspective and despite challenges we have faced and are continuing to face, we have once again achieved one of our key objectives; namely to continue to grow our business across all areas and to do so profitably. Our turnover increased from £11.3m to £12.1m during the year and despite disruption to normal operations, including the effect of playing 4 matches at BT Murrayfield, we did so profitably.
In summary, it was a demanding year both on and off the pitch but we faced and overcame the challenges by sticking to our core values and to our long-term plan. As a business we are in good shape; growing revenues and managing costs. The future looks bright indeed.
Key 2017/18 Highlights:
· Turnover over £12m
· 24% increase in gate receipts
· 8% increase in income from Commercial activities
· Over £400k gain on sale of players
· Strong balance sheet with net assets of £14.7m
· 9 Academy players signed professional contracts in season 2017/18
· More young players taking to the field in our 1st Team than any other in Europe
· Performance school at Balerno celebrated its 1st anniversary
· Investment in the community continues through our Community Football and Heritage Departments
· Big Hearts, our own charitable operation, has grown to 5 full time staff and 1000+ volunteers delivering programmes that improve the lives of individuals and families who are most at risk from the effects of economic deprivation and social isolation.
Click here to download the full annual report.
The 112th Annual General Meeting of Heart of Midlothian plc will be held at the Gorgie Suite, Tynecastle Park on Tuesday 18th December 2018 at 11am.