Hearts accounts: Tynecastle club record £1.8m profit

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Hearts have published their annual accounts showing a profit of £1.8m and an £800,000 increase in turnover.

The Edinburgh club reported a 24 per cent rise in gate receipts on their balance sheet for the year ending 30 June 2018. In a year in which Esmael Goncalves and Jamie Walker left Gorgie, a £400,000 gain from player sales was also included.

Hearts have recorded a profit of �1.8 million. Picture: SNS Group

Hearts have recorded a profit of �1.8 million. Picture: SNS Group

Despite investing heavily in the redevelopment of Tynecastle Park - a project which will cost £18m when completed - Hearts' have managed to maintain encouraging financial figures under the stewardship of owner Ann Budge.

Net assets now total £14.7m, turnover is up from £11.3m to £12.1m, plus there was an eight per cent increase in income from commercial activities during the 12-month period.

All of the above resulted in Hearts securing a net profit of £1.8m compared to last year's £2.3m profit. The club have also drawn down £1.7m of a £1.75m loan facility made available by one of their directors.

Budge confirmed in Monday's Evening News that Tynecastle's redevelopment will reach a total of £18m as she seeks to create "something special" with the stadium regeneration. Foundation of Hearts have contributed £3m to that project and continue to provide £1.4m a year in funding for the club through 8,000 monthly subscribers.