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.
Key highlights include:
- Turnover in excess of £20m - for the second year in a row
- Commercial revenue has increased by 28% year on year
- Sponsorship & advertising revenue has increased by 40% year on year
- With a record breaking 3-year front of shirt deal with Stellar Omada, a leading business and digital transformation organisation
- Staff costs have increased by £1.1m, demonstrating our continued investment in the playing squads and support staff.
- We continue to be a proud Living Wage employer
- Operating costs have increased by £1.6m, following the provision of additional facilities for our football department and the ongoing costs associated with our enlarged infrastructure
- Robust Balance Sheet with net assets of £20m
- Completion of the Main Stand, with the opening of Tynecastle Park Hotel - fully owned and operated by the Club.
