Hibs have announced a £7.1 million loss in their latest financial figures for the year 2023/24.
The club have described how a ‘poor player recruitment strategy’ that ‘hindered sporting objectives’ was a key factor in posting disappointing results.
Turnover increased by 28% while player trading resulted in a gain of £1million primarily from the sales of Elias Melkerson, and the transfer of Josh Doig from Hellas Verona to Sassuolo.
However staff costs increased by £2.3 million after the board sanctioned an ‘unbudgeted player spend’ in the January transfer window after ‘poor sporting performance’, as well as the costs incurred by the departing Lee Johnson and Nick Montgomery.
£3 million was invested into improving the facilities at at Easter Road including a a major refit of the Famous Five stand and the addition of rail seating.
The club admit they expect the current financial year to 2025 to remain challenging without European football but admit there will be a ‘tighter focus’ on player budget with a number of first team contracts expiring at the end of the season.
