Source: FOOTYMAD
Hearts In The Money
Hearts have turned a loss of nearly £9m into a small profit in 2010 Hearts have made a profit for the first time in 11 years. The Edinburgh club, who will be playing in Europe next year, announced a profit of £39,000 in financial results until 31 July, 2010. The results were attributed to "savings in staff costs and further investment from parent company Ukio Banko Investicine Grupe (UBIG) and related parties". UBIG, owned by Hearts majority shareholder Vladimir Romanov, invested £7.9million into Hearts, who also achieved a saving of £1.56m in employment costs and finance charges. Hearts gained in player trading for the fifth straight year and are on course to meet the financial fair play requirements stipulated by UEFA, European football's governing body. A statement from the club said: "The profit of £39,000 (2009: loss of £8.63m) is the first profit reported by the club in 11 years. As well as expected operational cost reductions, the club also expects further improvements in underlying financial performance in the current financial year with the exit, at the end of last season, of some of the club's higher earners. Financial figures will also be boosted in the next financial year with the inclusion of the £10m debt-for-equity plan approved by shareholders in November 2010. The board would like to register its continuing gratitude to the support shown amongst all our stakeholders including shareholders, supporters, business associates and sponsors. We will continue to work in the interests of the club at all times and will endeavour to bring success to the club both on and off field. We are also confident that the work we are currently involved in and the steps we are taking will deliver longer term benefits for Heart of Midlothian Football Club."
