Hearts announce profit in annual accounts

Hearts main stand
Hearts opened their new main stand last season

Hearts have announced a profit of £1.8m in their annual accounts, despite the building of a new main stand and an increase in the playing budget.

Turnover has increased by £800,000, with gate receipts rising by over £1m.

Hearts are now spending over £7m on staff costs, a rise of £1.12m.

"It was a demanding year both on and off the pitch but we faced and overcame the challenges by sticking to our values and to our long-term plan," said owner Ann Budge.

Hearts have invested heavily in Tynecastle, spending nearly £18m so far to increase the capacity to 20,000 and improve facilities in other areas of the ground, including a new hybrid pitch, undersoil heating, a supporters bar and a TV studio.

The sales of Jamie Walker to Wigan and Esmael Goncalves to Pakhtakor helped bring in £400,000.

Another £2m was contributed from unnamed benefactors, taking the total amount of donations towards the stadium work to £4.5m.

In addition, another £1m was contributed as an "exceptional donation towards player costs".

'Significant investment'

Budge says the financial year 2017/18 saw the club "continue on our journey to re-establish Heart of Midlothian as a major force within Scottish football".

The 7,290 capacity main stand has yet to be fully completed, with the costs rising from the initial estimate of £12m.

"Major projects such as the main stand and the pitch come at significant cost, but they are key investments to secure the future of the club," she said.

"While we are beginning to reap rewards from investments made to date, this investment phase of our journey continues."

Budge also said that the club have made "significant signings" and that is "already seeing the positive impact of this investment in season 2018/19", with Craig Levein's side currently second in the Scottish Premiership after finishing sixth last season.

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