Hibs announce return to profit after two annual losses

Hibernian chairman Rod Petrie

Hibernian say they have returned to profit after two years of losses.

The club announced a £100,000 pre-tax profit for the year ending 31 July 2013, compared to

Finishing seventh last season compared to 11th in the previous campaign has been identified as the biggest factor in the change.

Net debt fell from £6.4m to £5.5m, while the club's wages to turnover ratio is 49%.

The annual general meeting for shareholders will take place on 1 October.

Chairman Rod Petrie told the Hibs website: "The return to profit is a welcome improvement on the previous two years, and gives the club a solid platform for future sporting success."