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