Hibs have posted a £1.5million net loss ahead of their AGM.
Chief executive Ben Kensell wrote to Easter Road shareholders ahead of the meeting next week explaining the figures, which also saw turnover up to record levels. That grew by 39 per cent to £11.9million, up from £8.5million. That's down to punters coming back through the doors after Covid, a run to the Viaplay Cup final and last season's Scottish Cup semi-final.
However, the capital club recorded an operating loss of £3.5million, compared to a £500,000 profit in last year’s financial results. That means their net loss stands at £1.5million, up from £870,000 previously. They also revealed that only £500,000 from sale of Martin Boyle to Al Faisaly was received. A deal was struck that saw Boyle return to Hibs just six months after leaving for Saudi Arabia. Kensell also confirmed that there will be no Q&A portion of the AGM. That is out of ‘respect’ for late chairman and owner Ron Gordon, who passed away last week.
Kensell attributed the financial loss to‘a significant impact on attendances for the last few games of the year as well as a decrease in the share of SPFL revenue’. He added: “Poor league form, lack of desired playing identity, and financial failing also drove a change of management twice during the year, which incurred significant severance costs that have been recorded in the accounts. I have spoken of the need to achieve greater stability and consistency, and the figures simply underpin the need to do so.”
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