Today Heart of Midlothian PLC published its Annual Report for the year ended 30th June 2019.
Financial Year 2018/19, once again, brought with it both challenges but also significant achievements, as we move ever close to becoming the largest fan-owned football club in the UK. We remain focussed on achieving our long-term objective of building a financially stable operation, with the infrastructure, vision and people, in place, to ensure the on-going successful development of our Club. Once again, we have recorded a strong financial performance, while continuing to invest for the future, both on and off the pitch.
Our Tynecastle Redevelopment Project continued apace during the year, seeing a number of new facilities completed and open for business. We completed all Ground Floor works to the Main Stand including our Media Room and Police Room, and very importantly our new splendid Changing Rooms, in readiness for our first home game of the new 2019/20 season, in July 2019.
Hand-in-hand with completing ground-floor facilities, we turned our attention to completing our magnificent 3rd Floor facilities, including our superb Skyline Lounge. These facilities have been described by many as “the best in Scottish Football”.
As a football club, external focus is, of course, always on the performance of our First Team. Unfortunately, our success on the pitch for the 2018/19 season did not reach the level to which we aspire as disappointingly we finished in 6th place in the Ladbrokes Premiership for the second year in succession. During the year we continued to make a significant investment in our playing squad and while our final league position was disappointing, we did achieve success in both the League Cup and Scottish Cup. A League Cup semi-final at BT Murrayfield, watched by over 28,000 Hearts supporters, followed later in the year by a Scottish Cup final at Hampden in May 2019, supported by over 21,000 Hearts fans, allowed us to finish the season on a positive note.
From a financial perspective we have once again achieved our major objective which was to grow our revenues profitably. In particular, our turnover increased by over 20% from £12.1m to £15.1m. This resulted partly from growth in our commercial income, aided by the new facilities in our main stand and as a result of our successes in both the League and Scottish Cups.
In summary, it was another challenging year both on and off the pitch, however, we continued to focus on our core values and have delivered a very positive financial performance. This bodes well for the future.
Key 2018 / 19 Highlights:
· Turnover in excess of £15m
· 31% increase in income from Commercial activities
· 12% increase in gate receipts
· Operating profit of £1.6m
· Over £500k gain on sale of players
· Strong balance sheet with net assets of £17.5m
· 9 Academy players signed professional contracts in season 2018/19
· Investment in the community continues through our Community Football and Heritage Departments and our charity Big Hearts
· Launch of Innovation Centre, delivering Digital Education and Business Support in the local community.
To read the 2019 Annual Report and Financial Statements please click here.
The 113th Annual General Meeting of Heart of Midlothian plc will be held at the Gorgie Suite, Tynecastle Park on Tuesday 17th December 2019 at 11am.