Hibs reveal record £7.4m profit

[Dan Deacon 55,152]

Hibernian have announced record annual net profits of £7.4m following a highly successful year on and off the pitch.

The club won the CIS Cup, reached the semi-final of the Scottish Cup and finished in the top six of the SPL.

Big-money sales of Scott Brown to Celtic and Kevin Thomson to Rangers saw a net gain of £6.4m from transfers.

Chairman Rod Petrie said: "The club's costs are in line with revenues which is a sustainable and stable base for continued prosperity and growth."

Hibs also confirmed a year-end operating profit of £1.4m which means that for the third successive year the Edinburgh club has traded at a profit.

The club's costs are in line with revenues which is a sustainable and stable base for continued prosperity and growth

Hibs chairman Rod Petrie

Petrie told the club's official website: "To trade at a bottom line profit, excluding transfers, for the third straight year is a major achievement."

"It is one of the most pleasing aspects of the accounts."

The club confirmed their year-end bank debt for the year ending 31 July was £2.8m with a 12% increase in turnover to £9.8m.

To underpin the healthy figures Hibs achieved a record level of season ticket sales, up by 11% to 10,500 for season 2006/07.

Petrie continued: "Sporting success is what the club strives for and the emphatic cup final victory reflects the skill, dedication and hard work of the players, coaching staff and management team.

"Supporters turned out at Hampden in huge numbers, their good natured and passionate support was much commented upon.

"The events of that day will live long in the memory of everyone.

"I would also like to thank the Hibernian supporters who turned out at Easter Road Stadium in increasing numbers to support their team last year, and continue to do so in even greater numbers so far this season."

The financial statements also showed that £2.1m had been spent on the construction of Hibs new training centre in East Lothian, with a further £2.1m committed to completing the state-of-the-art facility.

The £2m sale of Steven Whittaker to Rangers on 1 August was not included in the figures released by the Edinburgh club.

http://news.bbc.co.uk/sport1/hi/football/t...ian/6988788.stm

[The Lad 0]

Few more good years, and they should be a force to be reckoned with, with transfer funds and better wages available. Plus they may get to keep their talented youth.

[Dan Deacon 55,152]

They really have got a handle on their youth policy. They are a decent team, I certainly see them as the 3rd biggest team in scotland

[superally07 387]

Few more good years, and they should be a force to be reckoned with, with transfer funds and better wages available. Plus they may get to keep their talented youth.

if they didnt sell all there best players then yes i think so .