Hearts have posted an operating loss of £1.2m for the year to 30 June 2024 – which they put down to rising operating costs, increased investment, and missing out on group stage European football last season.
But with turnover remaining north of £20m the club say their accounts continue to show ‘year-on-year growth.’ Hearts posted a marginal pre-tax profit of around £300,000 in last year’s accounts, a drop from £1.7m from the year before. And it’s down again for last season, this time dropping into the red.
However the club caveat that saying they are counting the cost of missing out on Europe last season, as well as other ‘large scale infrastructure projects’ – such as the completion of the Main Stand and associated opening of the Tynecastle Park Hotel. But despite that, they also add that turnover is above £20m for their second year running. And with both of those factors mitigated for this year, and the club competing in this season’s Conference League, they can expect revenue to grow over the next 12 months.
A club statement reads: “The club’s latest set of accounts, for the year ended 30 June 2024, have been published ahead of next month’s AGM. In season 2023/24, Heart of Midlothian have generated Turnover in excess of £20m, for the second year in a row. Whilst 2023/24 shows a marginal decrease on the previous year, the underlying year-on-year growth is significant, given the absence of group stage European Football.
“Despite this lack of group stage European football, the Board made the decision, with the financial support of our benefactors and the Foundation of Hearts, to continue to invest in the playing squad in order to ensure an immediate return to the group stages. We are delighted that this has been achieved for season 2024/25.
“Investment also continued in the commercial areas of the business in order to support the club’s continuing growth and its ability to invest both on and off pitch. A significant investment in season 2023/24 involved the completion of the club’s Main Stand, with the development and opening of Tynecastle Park Hotel.
“This continued investment, with a marginal drop in revenue, has meant that for the first time in many years, we are reporting a loss of £1.2m.
“With group stage European football secured for season 24/25 we are confident of continued revenue growth in the coming year. Similarly with no large-scale infrastructure projects on the immediate horizon, we are confident that we will reap the benefits of our years of investment over the coming season.”