Football Clubs News | Football Finance News
Scottish Premier League side Hibernian have announced that they made £1.2 million in the last financial year, their fourth consecutive annual profit.
The Edinburgh side, who finished sixth in the league last season, announced that turnover fell to £8.1 million from the £9.8 million recorded for the previous year.
Meanwhile, the club spent £4.6 million on player wages - an increase of £500,000 - meaning that its wages to turnover ratio has jumped sharply to 57 per cent.
Chief executive Scott Lindsay commented: "The ratio is still within the parameters of acceptability set by financial experts, but the dramatic increase in one season confirms that spending money is no guarantee of success."
The fact that Hibs posted a profit was largely down to the £3.5 million received from the sales of full-backs Stephen Whittaker and David Murphy to Rangers and Birmingham respectively.
It has also been confirmed that the club has increased its expenditure every year since 2004, although its total debts still stand at around £2.8 million.
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21 October 2010
21 October 2010
21 October 2010
20 October 2010
20 October 2010
