Heart of Midlothian can confirm that season 2022/23 saw the club post a record turnover of £20.8m.
The club’s latest set of accounts, covering last season, have been published ahead of next month’s AGM.
The figures show the club to be in excellent financial health, with highlights including:
- £6.1m year-on-year increase in turnover to £20.8m – an increase of 42% on the previous year
- Strong commercial performance delivered a £2.1m year on year increase
- EBITDA – £2.6m
- Net Assets – £24.4m
This was a very successful year for the club financially. Record revenues were generated, which were then used to further enhance our staff teams, playing squads (Men’s A, Women’s A, and new Men’s B team), infrastructure, and Tynecastle Park.
Hearts maintained a very good development trajectory in the fiscal year 2022–2023, both on and off the pitch. The Men’s A squad qualified for European Football for the first time since the 2016–17 season thanks to their on-field achievements in the previous campaign.
The Winter World Cup added to an already crowded schedule, but our squad, staff, and supporters welcomed our European adventure with open arms. We travelled on memorable routes to St. Gallen, Riga, Florence, and Istanbul, where we secured six points in total, scoring in all of our away games. This journey not only offered valuable lessons for our future European endeavours but also brought substantial financial gains to the club, courtesy of prize money, broadcast revenues, and packed stadiums, as is clearly demonstrated in our financial results.
These financial results were also enhanced by continued investment and focus on our commercial operations to support our on the pitch ambitions. Our commercial teams delivered exceptional results, supported by our dedicated fans. Record-breaking sales in sponsorship, advertising, retail, hospitality, and ticketing were complemented by a sold-out season ticket allocation and a record waiting list. Over the course of the season our commercial operations delivered an increase of £2.1m on the previous year.
The increase in revenue, along with the ongoing support from the Foundation of Hearts and our generous benefactors, allowed us to substantially increase the investment in our playing budget across all teams as well as our backroom support teams and facilities.
To keep pace with our turnover growth, we also continue to invest in strengthening our commercial and administrative support teams. Overall staff costs (football and non-football) increased by £4.1m during the season, which demonstrates this ongoing and essential investment. Our operating costs also increased by £2.4m, year on year, reflecting both our increased revenue and the not inconsiderable expenditure from our European participation.
As always, we are incredibly appreciative of the help we get from our players, staff, sponsors, donors, and all of our shareholders, including the Foundation of Hearts. The board would like to thank each and every one of these Heart of Midlothian family members for their ongoing and much-needed assistance.
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