Hibs have posted a loss for the second year running with £900,000 before taxation the figure included in their financial statements published on Tuesday. The figures for the year ending July 31 also revealed that the club's debt has risen to £6.4million. Hibs reported "a much lower level of player trading income," with gains down £800,000 from the previous year to £100,000.With relegation a very real possibility last season following very poor performances it is not much of a surprise to see the figures not on the increase. I am sure this will be something which will be poured over at the AGM on 10 December. Around the time of the last two AGM's Hibs changed their manager. With results showing an improvement this season, I think Pat Fenlon is safe for now. The figures showed that Hibs' Turnover reduced slightly to £6.9million, while staff costs fell by £700,000 to £4.1million, resulting in a wages to turnover ratio of 60%, which itself was down from 69% for the previous year. Chairman Rod Petrie said: "The financial results for the year reflect the poor performances on the pitch almost throughout the season. The one sporting high of reaching the final of the Scottish Cup turned sour in the manner of the defeat. The club apologised to supporters for the lack of a performance on the day but now have the chance to atone for that defeat in this year's competition. It is disappointing to report a loss for the year. The manager has rebuilt the team. Now the club is working closely with supporters to rebuild attendances at Easter Road Stadium and improve revenues for the current year despite the economic hardship that affects everyone."
Source: ScottishFitba
Source: FOOTYMAD
