Hibs have posted a staggering loss of £7.2million in their annual accounts for the year ending June 2024 – a worrying spike of £3.3m from last year.
It was a trying season for the Easter Road team who count the sacking of managers Lee Johnson and Nick Montgomery in the year’s accounts which they say had a ‘significant six-figure impact’ on the numbers. It comes despite turnover increasing by 28 per cent to £15.9m – with other factors such as player trading being down and poor performance on the pitch, finishing 8th in the league and failing to qualify for the group stage of the Conference League, factoring in.
The club say the results are ‘disappointing, and that poor recruitment in particular has led to a ‘significant overspend.’ Most worryingly to fans, it comes after departed CEO Ben Kensell promised this time last year, after posting a £3.9m pre-tax loss, that the accounts would be ‘much, much better’ this time around.
Acknowledging the concerning figures, a Hibs statement reads: “The financial results of the 2023/24 season are of course disappointing, and the cumulative results over the previous three seasons have varied from the historical performance of the club. The club is very much aware that a poor recruitment strategy has resulted in a significant overspend and a downturn in performances and results, which continues to prove problematic for the financial management of the club.
“The current climate is very challenging for football clubs of a similar size to Hibs, and clubs are often reliant on shareholders or benefactors while trying to increase competitiveness. The club has done everything to maximise other revenue streams, and will continue to maximise these revenue streams, but ultimately is reliant on the steadfast support of the shareholders who continue to underwrite losses.”