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DEBT FREE HEARTS IN THE MONEY

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HEARTS are now debt-free and made a profit of £623,000 for the year ending June 2016.

The annual accounts’ results follow a third-place finish in their return to the Premiership, with a marked difference in the numbers from posting a loss of £888,000 in the 2014/15 accounts.
Shareholders received the news ahead of the Tynecastle side’s 110th Annual General Meeting on December 20.

Turnover was up by £2.9million to £9.9million, with major factors including the increase in gate receipts (up from £4.1m to £4.3m), commercial income (up from £1.3m to £2m), and prize money (£984,000 to £2m).

The net debt of £1.6m has also been wiped out and the club now boast a positive balance of £2.636m.

This was largely due to more than £4m worth of non-repayable loans from fans’ group the Foundation of Hearts in the previous two years being reclassified as reserves rather than liability in the latest accounts.

A net cash inflow of £1.5m can be mostly attributed to the sale of Osman Sow to Chinese Superleague side Henan Jianye, with the accounts showing the club banked £1.019m from the January transfer.

Hearts’ profit was despite staff costs rising from £3.7m to £5.5m and operating costs increasing from £3.5m to £4.1m.

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