Source: FOOTYMAD
Six In A Row For Hibs
Rod Petrie knows how to balance the books Hibs prudent stewardship by chairman Rod Petrie have allowed the club to announce financial results which showed a bottom line profit for the sixth consecutive year for the year ending July 31, 2010. A net profit of £100,000 came in a year which saw staff costs increase to £4.8million - a ratio of 68 per cent to turnover - while turnover decreased by eight per cent to £7.1million. Petrie said: "To have achieved a profit for six consecutive years is a truly outstanding achievement within football, let alone football within Scotland. Being in 'profit' means that the club is self sufficient and in control of its own destiny - it also means any surplus income is retained within the club and re-invested for the future. The club's financial position is the envy of many other clubs." Petrie, though, recognised that the year had been a challenging one. He went on: "A combination of the difficult economic conditions for supporters and commercial partners, the reduction in season ticket prices, and the closure of the old East Terrace in February resulted in turnover dropping eight per cent year-on-year. Additionally, at a time when many football clubs were reducing playing budgets, the board sought to support our new manager John Hughes and sanctioned a further increase in staff costs from £4.7million to £4.8million in the year. This increase, together with the significant reduction in turnover, led to a rise in the wages to turnover ratio to 68 per cent. There is work to be done to bring this important ratio back below 60 per cent." Editor Ger Harley (ger@scottishfitba net)Admin Team (admin@scottishfitba net)This is Scottish-Fitba Net
